From Knoxville SCORE - Recognizing Client Accomplishments and Achieving Your Own Success

SCOREBOARD

from Greater Knoxville

May/June, 2011 - Volume 5, Issue 3

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

May was designated as "Small Business Month" by a variety of organizations, including the Small Business Administration and SCORE. To celebrate the importance and success of small businesses, each year SCORE conducts a national contest to recognize a single business in each of six categories. We're pleased to announce that a Greater Knoxville SCORE client, Mr. Gary Bickford, was named the winner in one of these categories.

We've also included a feature on the winners of our chapter's "Client of the Year" contest. Be sure to read their stories, and how SCORE assisted in their success.

In this issue we also cover several business topics, including the use of business credit cards, selecting your target markets, making business decisions with detachment, and pricing your products and services.

We've added a great new feature to our SCOREBOARD format - an easy link to find archived issues of our newsletter. Look for the link at the bottom of the newsletter!

So read, learn, and have a great summer! And remember, SCORE exists "For The Life Of Your Business."

LOCAL CLIENT RECEIVES NATIONAL RECOGNITION

We're very proud to announce that Greater Knoxville SCORE client Gary Bickford, owner of Healthy Life Choices, LLC, has been selected as the national winner of the

"Outstanding Small Business Launched by an Individual Aged 50+ award, sponsored by SCORE!" He and his counselor, Chuck Christiansen, will be recognized at the awards ceremony in Washington D.C. in September.

Counselor Chuck Christainsen (l) congratulates Gary Bickford on receiving one of the chapter's Client of the Year awards in 2010.

Click hereto read more about this award and Mr. Bickford's accomplishments. NOTE: If the file is slow to load, click the "Reload" or "Refresh" icon in your browser's tool bar.

CLIENT OF THE YEAR CONTEST WINNERS SELECTED

Our chapter also conducted our third annual "Client of the Year" contest. Penny Behling, owner of Dynamic Dragon Boat Racing, and John Innes, president of User Friendly Maps, were selected as 2011 winners. Below they are pictured receiving their awards. Click here to read their stories. NOTE: If the file is slow to load, click the "Reload" or "Refresh" icon in your browser's tool bar.

Counselor Jerry Carlson, John Innes of User Friendly Maps, Counselor Dana Peterka, Penny Behling and Chris Behling of Dynamic Dragon Boat Racing, and Counselor Bill Beres

HOW TO SAFEGUARD YOUR BUSINESS CREDIT CARD

One piece of financial advice we suggest to small businesses is to keep personal and business financial records separate, including bank accounts and credit or debit cards. The Credit Card Act of 2009 included many safeguards and protections for consumer and individual card accounts, but it did not extend these protections to business credit cards. To learn what this might mean and how this oversight is being addressed, read "Study Warns of Risks from Small Bus Credit Cards."

Although these new protections are not required to be implemented for business credit cards issued by financial firms, some issuers are doing so anyway. Learn which ones are adding these protections to their business credit card customers by reading "New Small Business Credit Card Survey."

HOW TO AVOID THE PASSION TRAP

An important trait of successful small business owners is a passion for their idea. Start-ups have little other fuel to make them go; their futures are completely dependent upon the founder's zeal and dedication to the idea. Unfortunately passion and dedication are typically not enough. Author Brad Bradberry argues that falling in love with a business can cloud one's judgment when making decisions around the business. Click here to read an interview with INC. magazine reporter Dave Smith, in which the author explains how to avoid this trap.

HOW TO NARROW YOUR TARGET MARKET

This writer remembers the advice a sales manager once gave him about identifying potential clients: "If they move, sell them!"

Many start-up firms start out by trying to be all things to all people. Even when they're familiar with terms like "focus" and "niche" they're not sure on what they should focus, or how to determine their niche Find answers to these and other questions to improve your marketing efforts, while increasing your sales and profits in

"How To Narrow Your Target Market."

PRICING YOUR BUSINESS'S PRODUCTS AND SERVICES

Small-business owners are often confused about where to set prices. They tend to look at what their competition is charging, rather than at the actual costs of their products or services. Unfortunately, bad pricing decisions can kill a company before it has a chance to profit and grow. Consultant Brad Bardberry spoke recently to Business Week columnist Karen E. Klein about the crucial nature of pricing, and you can read his suggestions in "Setting Prices for Your Small Business."

Many experts say that the problem with pricing is that there is no one formula that yields the best price point. Discover some of the factors and criteria you should use in setting your pricing in "The Price Is Right." Be sure to view the case studies at the end of the article to see how seven small businesses dealt with their pricing issues.

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.

July Dates:

Session 1 - Saturday July 16, 9:00 AM til Noon

Session 2 - Saturday July 30, 9:00 AM til Noon

August Dates:

Session 1 - Saturday August 6, 9:00 AM til Noon

Session 2 - Saturday August 20, 9:00 AM til noon

September Dates:

Session 1 - Saturday, September 10 9:00 AM til NoonSession 2 - Saturday September 24 9:00 AM til Noon