Category Archives: Grow Your Business

What is the SCORE Business Learning Center?

The SCORE Business Learning Center (SBLC) provides aspiring and existing small business owners the business strategies and tactics needed to make sound decisions and achieve greater levels of success.

The SBLC supplements the business resources available on score.org. It fills the gap between the high-level content on our website and the personalized expertise obtained from a mentor.

At the end of a course, users will feel they have a better understanding of their chosen topic and the resources available for continuous learning. They will also have a mentor they can work with to apply the learning to their business.

You will find it here… https://www.score.org/biz-learning-center

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How much cash should a small business keep in reserve?

piggy bank cashCash is the fuel that makes a business run. It is needed to pay salaries including your own, fund marketing programs to acquire and retain new customers, invest in equipment and facilities, pay rent, supplies and many more day-to-day activities. Most financial experts recommend three to six months of operating expenses, but using this for every business in every situation is misleading.

To determine how much cash you need, you must look at the following key areas.

How Much Cash Have You Been Using?

If you’re an established business owner, look at your monthly cash flow report (or go to the next paragraph if you’re a start-up). This report will provide an historical and seasonal perspective. Note the cash received from sales and the cash spent. The net of these two is often referred to as the “net burn rate.” For example, if you have $50,000 in sales and $30,000 in expenses, then your net burn is +$20,000

Your “gross burn rate” only takes cash expenditures into account; in our example, that’s $30,000 and is the more conservative amount, since it does not assume any sales are made. Historical spending patterns are a good starting point in considering future spending plans.  Continue reading

What is the SCORE Business Learning Center?

The SCORE Business Learning Center (SBLC) provides aspiring and existing small business owners the business strategies and tactics needed to make sound decisions and achieve greater levels of success.

The SBLC supplements the business resources available on score.org. It fills the gap between the high-level content on our website and the personalized expertise obtained from a mentor.

At the end of a course, users will feel they have a better understanding of their chosen topic and the resources available for continuous learning. They will also have a mentor they can work with to apply the learning to their business.

You will find it here… https://www.score.org/biz-learning-center

Get your products ready for e-commerce success.

ecommerceBefore the Internet age, small business startups had little opportunity to showcase their products right alongside major national brands. Online marketplaces have leveled the playing field for small businesses, effectively helping them leap geographic boundaries and sell their products in markets that would never have been possible.

Whether you are selling your products on Amazon, eBay or directly from your website, it is critical for you to efficiently manage your product setup and ensure you can be easily discovered by consumers. Many of the same best practices that lead to in-store success can be applied to e-commerce, with a special focus on providing consumers with a well-rounded view of your product prior to purchase.   Continue reading

10 reasons to keep your business blog active.

Publishing a business blog is an important part of any marketing strategy, but many businesses launch one, not realizing that maintaining it is just as critical. Quality content is key, and if you’re a business professional you have lots to offer based on expertise in your field.

Here are 10 reasons why you might want to use that expertise to keep your business blog active.

1. Drive Traffic to Your Business Website

Customers who read your blog are 97% more likely to click on your website. That improves your website’s search engine optimization (SEO) making your website more likely to rise to the top of organic searches. In addition, the more you blog, the more traffic you get. Here are five steps to build a website if you haven’t got one yet.

In addition, blog sites that post daily get almost double the traffic than sites that post monthly or less.  Continue reading

Every business deserves planning.

Don’t make the all-too-common mistake of dismissing the value of planning for your business. Every well-run business needs to manage strategy, tactics, milestones, metrics and essential business numbers.

Do it right, and planning is easy to do, great for managing and developing accountability.

Remember these two key points:

  1. Good planning doesn’t require a big, formal, traditional business plan document. A lean business plan is much easier than a traditional plan. It just consists of bullet-point lists and tables. You can do it yourself.
  2. What really makes the difference is keeping the plan live. It doesn’t take more than an hour or two per month. The planning process means you track results, review, and revise often enough to keep your plan fresh.

Continue reading