If you are a small business owner, you likely know that there are areas of focus that are important to your success. Our local SCORE (Service Corps of Retired Executives) representative Bill Taylor has given us his “Keys to a small business owner’s peace of mind”.
*CASH FLOW – positive cash flow and its importance to your future success. The Cash Flow Statement shows you the movement of money in and out of your business; the inflows and outflows that determine the solvency of your business. A positive cash flow is good, a negative cash flow is, well, not so good.
*ATTRACTING NEW CUSTOMERS – Generating leads to gain new customers is difficult. Where do I advertise? How much time should I spend on social media and which is most effective? Identify your ideal customer/client; know where your ideal customer/client lives; be the answer to your customers pain points; and build partnerships by networking in the community where your customer lives.
*CUSTOMER LOYALTY – In today’s hyper connected world, word spreads fast and far. Online reviews can be good or bad for business. Managing it all while running a business can be tough. How are you developing and managing your customers by developing a consistently positive emotional experience when they purchase from you? THE CUSTOMER IS KING!
*MAKING PAYROLL AND MANAGING EMPLOYEES – Even if you have one employee, being in compliance with state and federal laws is necessary and can be time consuming. There are resources to help with HR issues, compliance and questions you may have. Ask your SCORE mentor, your chamber of commerce or association for help.
*YOUR ONLINE PRESENCE – Your company website: is it doing the job for you? Do you have goals for your site in terms of generating business? How are your social media accounts linked to your website? Online lead generation can help a business.
*NETWORKING – Join the McMinnville Chamber of Commerce, Young Professionals of Yamhill County or other networking organizations to help grow your business through local connections. Take the time and effort to meet and get to know new people at each meeting.
*RESOURCES – Take advantage of:
- McMinnville Chamber of Commerce
- SCORE Volunteers
- SBA (Small Business Association)
- Oregon Secretary of State Website
*KNOW YOUR COMPETITION – Work to stay one step ahead. What are they doing?
*TOUCH BASE with similar businesses in other markets/states. Find out what is working for them. See if there is a business association for your industry and learn what your colleagues are doing.
*HIRE A GOOD ACCOUNTANT/CPA – One you feel comfortable talking to. Get a referral from a friend or business colleague that you trust.
*CONTACT A SCORE MENTOR for FREE business advice. SCORE mentors have seen it all and can be a great resource for you and your business. They are knowledgeable and understand the challenges of being in a small business. You can reach the local SCORE office at (503)370-2896 or (503)857-0292 to make an appointment with an advisor.
BE PROUD OF ALL YOU HAVE ACCOMPLISHED!!