SCOREBOARD

January/February, 2011 - Volume 5, Issue 1 
A business resource provided by the Greater Knoxville Chapter of SCORE, "Counselors to America's Small Business," providing business owners and managers with tips, ideas, and news to help your business grow and become more successful.
 
SCORE Logo

 
WHAT'S IN THIS ISSUE

A new year often means implementing change and setting personal or business goals to do better than in the previous year. In this issue of SCOREBOARD we're offering suggestions to assist you not only in setting these goals but in achieving them.

 

Our lead article addresses a major issue for businesses utilizing web sites: increasing sales by converting "readers and browsers" into customers. If you've set a goal to increase sales and profit in 2011, you also need to make sure your marketing plans are in place to achieve that goal.

 

There's also an article that explains how to calculate the income needed to operate profitably when creating a business plan to expand a business or add new product lines. As you know, business owners wear many hats, and need to perform each of them efficiently. One way to manage these tasks is using a "To Do List" so we're providing a some tips to prioritize the tasks to better manage all the items on your list.

 

A change that often happens annually is in the realm of taxes. Understanding local and state taxes and how they might have changed from the previous year can affect your income and profit so we've included an article on how you can learn about these changes, as well as make sure you're following current procedures.

 

Our SCORE Chapter is also making changes in 2011. The first is introducing an on-line registration application for the various workshops we present, and we've included an explanation of this process. We've also made changes to our workshop for those considering opening a business, and we encourage you to let friends and colleagues contemplating starting a business know about it.

 

So click on the blue text links, read, learn, and prosper in 2011!

Change Your Web Site Visitors Into Customers 

Most businesses utilize a web site to attract prospects but often forget that the real goal is to create customers. Great design, on-target messaging, compelling calls-to-action, and valuable content are just the baseline for engaging your market online. But can your customers make a buying decision solely using content from your site? Too often websites address only the discovery phase of a buying process. "How To Increase Online Sales By Increasing Web Site Conversion Rates" gives some advice on how to turn browsers into customers.

Marketing Tips To Achieve Your Revenue Goals

Small business owners and solo-practitioners are notorious for ignoring marketing efforts. It's easy to do, isn't it? You're involved in your business; serving clients, shipping product and doing what you need to do to keep the money flowing in. But if you're not spending time and money to market your business, then you're ignoring a critical component of success. Learn some tips on successfully marketing your business in "Ten Marketing Musts."

Turn Your "To Do" Lists Into "Done" Lists!

If you're like most entrepreneurs, you have a lengthy to-do list that never seems doable-no matter how many hours you work. But there may be a reason you're not ticking off items, or maximizing results when you do. You've likely organized your task list by deadlines, and you're cranking away on the most pressing items first. A better, smarter approach is to prioritize your list by what matters most, and "Five Tips For Managing Your To Do List" shows you how.

How To Determine If Your Business Idea Will Succeed

In order to establish the feasibility of a business idea, whether it's for a new business, expansion of an existing one, or an additional product line, a complete business plan with financial projections for at least 3 years needs to be formulated. But first, do a rough cut which will establish whether it is worthwhile putting the time, effort and expense into a full blown plan.  Here's an article from Inc., with revisions by Walter Williams, a Greater Knoxville SCORE Counselor and past Chapter Chair, on how to conduct this feasibility study.  At the end of the article is a link to a spreadsheet you can use to assist you.

Tax Information You Can Use 

Understanding your tax obligations, collecting and submitting them on time, and learning about changes is critical to managing your business. The State of Tennessee Department of Revenue understands this, and has established a series of workshops to help you learn your obligations. Click here to find the dates and locations for these workshops in Tennessee. NOTE: Most states offer online assistance or workshops, so contact your state Department of Revenue if your business is not in Tennessee.

 

Our SCORE chapter has also received a quantity of CD's titled "A Virtual Small Business Tax Workshop" from the IRS. They are free and can be ordered by sending an email to 641@scoreknox.org.

Small Business Administration Announces New Loan Programs

The Small Business Administration recently announced two new loan guarantee programs, Small Loan Advantage and Community Advantage. These programs are aimed at increasing the number of lower-dollar SBA 7(a) loans going to small businesses and entrepreneurs in underserved communities. At the same time, the Community Express loan program will be discontinued effective April 30, 2011. You can learn more about these programs by clicking here, taking you to SBA's web site. 

Greater Knoxville SCORE Debuts New Workshop

For the past two years our chapter has offered a very successful workshop for individuals wanting to start their own business, "So You Want To Be An Entrepreneur." Based on suggestions from attendees and finding some new material, we've modified the content and format of this workshop, and renamed it "Should I Go Into Business For Myself?." Consisting of two 3 hours sessions it covers areas such as personal evaluations, start-up costs, market research, and financial considerations that must be researched and answered prior to actually starting a business. The first workshop is scheduled for Saturday, March 5. Since starting and managing a business affects family members, we strongly suggest that spouses, partners, and others that might be involved in the business also attend. If you have friends, relatives, or acquaintances who are considering starting a business, tell them about this workshop (or forward this newsletter to them) and have them go to this site to learn more and to register.

On Line Workshop Registration Now Available

Most of SCORE's services are conducted through face-to-face or email counseling, but another important tool we utilize to help small business owners is through workshops. In fiscal 2010, more than 700 owners participated in our chapter's workshops. We anticipate a significant increase in this fiscal year, so we've make the process easier for participants by implementing an on-line registration application. The first to utilize this process are our "Should I Go Into Business For Myself?" workshops covered in the previous section. If you have friends, relatives, or colleagues who are considering starting a business, tell them about this workshop, and have them go to this site to learn more and to register.

SCORE Is Looking For A Few Good Men And Women

The Greater Knoxville SCORE Chapter is recruiting volunteers to assist the small business community in our coverage area. If you're an experienced business owner or have managed a business, and would like to counsel small business owners, we'd like to speak with you. In addition to volunteer counselors, we're also seeking volunteers with experience or talents in making presentations, performing administrative functions, and assisting in fund raising efforts. If you are interested, or know someone who fits these needs, contact SCORE at 865-692-0717.

 

PS - our volunteers are not required to be retired.

Upcoming Workshops
"So You Want To Be An Entrepreneur?"
Saturday February 19 from 10:30 AM to 12:00 Noon 
 
 Sessions will be conducted at the Knoxville Campus of Roane State Community College, 132 Hayfield Road, Knoxville (Off Parkside Drive)
 
 
Contact the Knoxville SCORE office (865-692-0716) to register.
Space is limited, so call early!
___________________________________

"Should I Go Into Business For Myself?"

Session 1 - Saturday March 5, 9:00 AM til Noon

Session 2 - Saturday, March 19, 9:00 AM til Noon

 

Sessions will be conducted at the Knoxville Campus of Roane State Community College, 132 Hayfield Road, Knoxville (Off Parkside Drive)

 
Click here to view content, directions, and to register,
or call the Greater Knoxville SCORE office (865-692-0717)
____________________________ 
Visit And Support Your Local Chamber of Commerce

Blount County Chamber of Commerce   www.blountchamber.org

Claiborne County Chamber of Commerce   www.claibornecounty.com

Cocke County Partnership Chamber of Commerce   www.cockecounty.org

Farragut/West Knox Chamber of Commerce   www.farragutchamber.com

Loudon County Chamber of Commerce   www.loudoncountychamber.com

Monroe County Chamber of Commerce   www.monroecountychamber.org

Roane County Chamber of Commerce   www.roanealliance.org

Scott County Chamber of Commerce   www.scottcountychamber.com
_________________________________________
 
We want to thank our sponsors.  Click on their logos to visit their web sites.
  

First Tennessee Foundation                                Sun Trust Logo 

 
To send this newsletter to associates and other businesses, click the 'forward email' link in the bottom section.
 
To contact us to schedule a counseling session, please click here.
 
To unsubscribe from this newsletter, click here.
 
If you have an idea you'd like to share with us or a suggestion for future issues, click here.
 
Did you miss an earlier issue of SCOREBOARD?   Click here to view our archived issues.
Greater Knoxville SCORE Chapter  www.scoreknox.org 
865-692-0716  Suite 450, 412 N. Cedar Bluff Road, Knoxville TN  37923