Maria Contreras-Sweet, the newly appointed Administrator of the Small Business Administration, recently announced an updated formula for defining “small” at the SBA. The bottom line is that starting July 14th thousands of companies that were considered too big to qualify for SBA programs will now be considered small. This new status means access to cheaper financing and new sales opportunities. It’s kind of a big deal. SBA small business size standards: how the SBA measures the size of your … [Read more...]
Use price anchoring to boost sales
Nailing your pricing should be the focus of every small business owner. While big companies have entire departments dedicated to price optimization, we usually have to rely on our judgment and trial and error. Does this mean we are condemned to always price too high or too low? Absolutely not! There are many proven pricing strategies developed over decades of research that we can put to work immediately. Many are based on human psychology and have stood the test of time. One such strategy is … [Read more...]
Breaking the barriers to growth capital
Small businesses generally have a difficult time obtaining the financing they need to grow. Barriers to growth capital can seriously hinder an owner's plans for expansion. According to the Federal Deposit Insurance Corporation, the last 20 years have seen a significant decrease in banks’ lending to small business: In the mid-1990s, small business loans represented one third of all business loan balances; today it’s down to one in five. Last quarter, overall business lending grew at an … [Read more...]
The second million could kill your business
When your business reaches the million-dollar revenue mark, it’s a milestone to be celebrated. While it's fine to enjoy your moment in the spotlight, keep in mind that many unforeseen dangers lie ahead. The first million may have been hard, but the second million could kill your business. Managing small business growth the right way When you’re starting from zero and trying to build your business, 100 percent of your effort, energy and creativity are focused on growth: Acquiring new customers, … [Read more...]
Smooth out small business cash flow lumps
Only a perfect business receives cash from customers just in time to pay all of its bills. For most businesses, cash flow arrives in lumps with long dry spells in between. The weeks before one of these lumps can be very stressful as owners scramble to find desperately needed cash. While you may be willing to wait to get paid, many suppliers and employees won’t be so flexible. To avoid this stress, you need to use different tools and techniques to smooth out your cash lumps to be able to pay … [Read more...]
Are you cooking the books without knowing it?
Sometimes your business just doesn’t perform as well as you need it to. Spending 15-hour days at trade shows, pulling all-nighters to revamp your market strategy and tweaking your website all weekend don’t always guarantee a profit or cash flow boost. If you happen to be applying for a loan or line of credit or are in the process of selling your business, a few bad months could mean the difference between loan approval and rejection. When faced with this kind of pressure, some small-business … [Read more...]
Five ways to keep small business growth from killing your company
Can rapid small business growth actually lead to failure? Absolutely. Businesses close their doors every day because of too much success too soon. Keep an eye on your cash: Customers that provide large, unexpected orders aren’t always willing to pay cash in advance. Calculate how much cash your business needs to fulfill your new order volume Don’t divert cash from your current options to pay for the new growth; your new customers may not pay you on time or at all Obtain financing to … [Read more...]
Small business accounting: balance sheet decoded
Small business accounting balance sheet The balance sheet provides a snapshot of your company’s financial position on a given date. It lists the assets (what a company owns), the liabilities (what it owes) and the owners’ equity in the business. The balance sheet is based on the basic accounting equation: Assets = Liabilities + Owners’ equity. The left side (assets) is the value of everything the business owns. The right side (liabilities + owners’ equity) represents how the business paid … [Read more...]
Three steps to getting paid on time
Small business getting paid on time on your accounts receivable What’s more important than closing a big sale? Getting paid! Sometimes this is harder than winning the deal. Small businesses lose over $15 billion a year to unpaid sales. Here’s how to avoid adding to those losses. Do your research before you make an offer Before closing a sale, determine how willing and able the client is to pay you on time. Structure your payments accordingly; the riskier the client the more you need to … [Read more...]
Easier SBA lending requirements are in your future
There's good news for entrepreneurs: Small business lending is hot again. Since the financial crisis of 2008, small businesses have had a difficult time accessing loans through traditional banks. But with small-business confidence on the rise and a slowly-but-surely improving economy, small-business borrowers are once again front and center on the competitive stage of business loans. Numerous non-bank lenders that are focused on small business have emerged in the past few years, with some … [Read more...]
- « Previous Page
- 1
- …
- 3
- 4
- 5
- 6
- 7
- …
- 70
- Next Page »