From Knoxville SCORE - Springtime Tips To Refresh and Renew Your Business

SCOREBOARD

from Greater Knoxville

March/April, 2011 - Volume 5, Issue 2

A business resource providing business owners and managers with tips, ideas, and news to help your business grow and become more successful.

WHAT'S IN THIS ISSUE

For most of us, springtime generally means it's time for two chores: take care of things that winter did not allow us to do, and "start over" or refresh things such as home maintenance and landscaping. Spring is also a good time for businesses to perform these chores, so we've included articles in this issue on several subjects like negotiation, market research, tax planning, and getting your products into stores to assist you in your "refreshing."

The same is true with SCORE. You probably noticed the new logo and tag line at the top of this newsletter. Our former tagline "Counselors to America's Small Business," served well for many years as a reminder of SCORE's mission, but our experience and expertise can provide our clients with much more than that. Our ultimate goal is to become mentors for our clients, hence the stylized "hand" in our new logo symbolizes that SCORE is here to lend a helping hand. The new tagline "For The Life Of Your Business" signifies two points: we are here to help you keep your businesses alive and well, and we're here for the duration. And that's we provide SCOREBOARD, to lend a helping hand and to stay in touch with you for the long haul.

Other new tools are being developed for you, our clients. For example, SCORE will soon have a new web presence that combines its national web site with local chapter sites, giving you access to even more information and assistance. We will keep you informed about this project as it progresses.

So read on to learn how to fix what needs to be improved, or learn how to incorporate something new into your business. And remember, SCORE exists "For The Life Of Your Business."

A Potential New Source of Funding

All business owners know the traditional sources for funding such as banks, capital firms, family, friends, and Small Business Administration loan guarantee programs. There's another that you might have overlooked: credit unions. These organizations are limited by law to limit business loans to no more than 12.25% of their assets, but a bill introduced by Senator Mark Udall of Colorado would increase this limit to 25%. And credit unions are ready to lend; the Credit Union National Association (CUNA) estimates that passage of this bill would increase small business lending by $10 billion in the first year. Learn more about why credit unions could be a genuine source for funding in "Credit Unions Push for Small Business Lending."

How To Conduct Competitive and Market Research

"Getcha programs! Ya can't tell the players widout a program" is a pitch we've heard at ball games. The same is true with your business. Unless you know who your competition is, their presence, pricing, strengths and weaknesses, you're "swinging the bat blindfolded." Learn how to discover and analyze your competition and create your own "program" in "How To Conduct Competitive Research."

Other types of market research are also mandatory to build a successful business. Good research allows you to determine the need for your service, a product's likelihood to sell, target-market demographics, and desirable locations. There are numerous ways to uncover this information -- from online research to focus groups to counting customers. To help you meet your target market's needs, INC magazine has put together a collection of their best market-research articles and resources which you can read and download in their "Market Research" guide.

Getting Your Products Onto Store Shelves

Many small businesses begin with an idea for a product or service that seems to have potential for success. But after market testing, building models and prototypes, and field testing, many owners have difficulty with the distribution channel. In other words, they find it difficult to get the product into public view. "Getting Goods On Store Shelves" gives some ideas and tips on how to get your product seen by the buyer.

Finding Space In Your Home For Your Small Business

Many small businesses owners start out in their home. This strategy certainly saves on rental and capital expenses, but it raises other issues such as creating the designated space needed to conduct your business. "Squeezing a Small Business Into Your Home" examines how 5 small business owners solved this problem in 5 different ways. Perhaps one of these solutions is right for your business.

Tax Information You Can Use NOW

While the deadline to file taxes for 2010 is almost here, now is the ideal time to begin preparing for 2011 taxes. "7 Tax Tips" details how you can simplify this process, and do it with less stress.

Sharpen Your Negotiating Skills

Negotiating is part of everyday life, from buying a vehicle to deciding the menu for a meal to setting curfew for your teenagers. It's also a critical function of business. Whether you're trying to close a major account or get a better rate from a vendor, business owners need to become proficient in negotiating, and "Tips for Masterful Negotiating" gives pointers on how to win in negotiations.

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 or email us at volunteer@scoreknox.org.

PS - it is not necessary for volunteers to be retired.

Upcoming Workshops

"Should I Go Into Business For Myself?"

This is a two session workshop

Session 1 - Saturday May 7, 9:00 AM til Noon

Session 2 - Saturday, May 21, 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)

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"How To Delight Your Customers"

Thursday, May 5, Noon - 2 PM