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SCOREBOARD
from Greater Knoxville
A business resource providing business owners and managers
with tips, ideas, and news to help your business grow and become more successful.
March - April 2013
Volume 7, Issue 2
 
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In This Issue |
What makes a business successful? Some might say it's the product or service they provide, others might state it's their marketing and sales efforts while many would point to their ability to "run" or manage the business by paying close attention to administrative or "back office" tasks such as accounting, planning, taxes, and staffing. So in this issue we've concentrated on some of these operational aspects. You might find the section on alternative funding of particular interest.
We've had numerous positive comments on our new website design, which includes a "Blog Page." Several of our volunteers have contributed ideas and thoughts that you should read, so we encourage you to take a few minutes to browse through them on our web site, scoreknox.org. |
| ACCOUNTING |
For many small business owners, accounting is one of those back-office tasks that never crosses your mind when you decide to own your own business, and yet it can take time out of your day and makes running a successful business that much harder. But there's hope. Accounting headaches: Five Ways to Stop the Pain shares tips that can help business owners tackle their accounting and relieve the headache.
If you don't have an accounting package and are in need of accounting software tools, Accounting Software Tools To Make Finances Easy offers a list of 14 you'll want to look through. The article also provides a link to 17 others. |
| TAXES |
To reduce labor and benefit costs, some small business owners are classifying some of their workers as independent contractors or workers. However, the IRS has begun taking a close look at this practice to determine whether these staffers are really employees. Payroll Audits Put Small Employers on Edge and Misclassify a Worker on Your Taxes? IRS Offers Help provide information on what criteria determines the distinction, and how you can avoid penalties if you've misclassified some of your staff. |
| PLANNING FOR YOUR BUSINESS' GROWTH | |
Would you hire a builder who worked without a blueprint? Yet many business owners attempt to manage and grow their business without a business plan, and many who do create a plan seldom use it as a tool to measure their success or growth. When Should a Small-business Owner Consider Updating a Business Plan? gives some pointers on why it's important to review your plan, and when you should do so.
One reason for writing a business plan is to use it as part of a loan application. But what is the most important section of your plan? The part that lenders review first - the Executive Summary. Think of this section as your pitch, and read 4 Steps to Get it Right to learn how to make your pitch a success. NOTE - Although the article focuses on how to approach venture capitalists, the tips are just as relevant when seeking funds from any potential lender or investor. |
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ALTERNATIVE FUNDING |
In recent years small businesses, particularly those just starting, have turned to non-traditional funding sources, often called alternative funding. In fact, it's estimated that traditional banks in the U.S. are now responsible for just 25 percent of all lending.
There are two basic types of alternative funding: peer-to-peer, and crowdfunding or crowdsourcing. Although there are similarities between them, there are also differences. Peer to peer (P2P) involves a one-to-one relationship between a borrower and a lender, arranged through an on-line entity, while crowdfunding relies on a large group to provide the funds. Understanding Peer-to-Peer Lending for Small Business explains how these work and why you might consider utilizing this type of funding. For information on how to establish and manage a successful crowdfunding project, read 4 Tips for a Successful Crowdfunding Campaign and Raising Money Through Crowdfunding.
In addition to her own money, owner Carolyn Stromberg needed about $12,000 to open her wine and cheese shop. Learn how she used crowdfunding to obtain these funds in From Kickstarter to Union Market. |
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EXPORTING OPPORTUNITIES |
Tennessee's Economic and Community Development Commission has announced a strategy focused on increasing the exports of Tennessee goods to key markets around the globe. During the last decade, Tennessee's total export volume has more than tripled. More than 6,400 Tennessee businesses employing 80,000 workers sold nearly $30 billion worth of Tennessee products around the world in 2011 alone, ranking Tennessee the 14th largest exporting state in the U.S. To learn whether this initiative is an opportunity for your business, read Haslam, Hagerty Announce New Tennessee Export Strategy And Foreign Offices. |
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News About Our Clients | |
Client Dwayne Crago has self-published his first novel, The Gathering. As part of his marketing efforts, the book and author were recently featured in the Knoxville New Sentinel. To learn more about Dwayne, the book, and what led him to write it, click here. |
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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. To see what you gain from volunteering, watch this short video.
PS - it is not necessary for volunteers to be retired.
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UPCOMING WORKSHOPS |
"Start Your Own Business"
Many people considering starting their own business question whether it's the right decision for them. They probably also have questions about procedures, business plans, cash required to operate, etc. Greater Knoxville SCORE has created the "Start Your Own Business" workshop to help answer such questions. Two workshops are scheduled each month on Saturdays from 10:00 AM to 12:00 noon at the Knoxville Campus of Roane State Community College on Hayfield Road in west Knoxville (between Parkside Drive and Kingston Pike). For details, map, directions, and registration information, click here and then select the "Start Your Own Business" date that's most convenient for you. This workshop is free, and you may bring one guest.
NOTE: If you know of someone who is considering beginning their own business, forward the information to them by clicking the message area below.
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SPREADSHEET BASICS
"Your gateway to Better Utilization of Financial Software"
As a result of attending this workshop, participants will be better able to use Excel programs to set up formulas, format sheets, and utilize time-saving techniques useful in other software programs.
Who Should Attend: Those who utilize e-mail and/or word software and have basic keyboard skills.
Who Should NOT attend: Those who can create complex spreadsheet formulas.
You are encouraged to bring your own laptop computer
Thursday, April 4, Noon to 3:00 PM
Roane Alliance Building
1209 N. Kentucky Street, Kingston
Click here for additional information
Workshop is free for Chamber members; $35 for non-members
Space is limited so call 865-367-5572 to reserve your spot now!
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FRANCHISE EXPO PRESENTED BY FRANNET
If you have ever considered small business ownership as a career path or an investment, this is an event you don't want to miss. You will be able to talk one-on-one to different franchisers, learn about the laws that govern franchising, hear from a franchise consultant, learn more about the different types of franchising, and much, much more!
Wednesday, April 17, Noon to 4 PM
Rothchild's Catering & Conference Center
Kingston Pike, Knoxville
For details, directions, and/or to register for this exciting event, click on the link below. Knoxville FranNet Expo |
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Visit And Support Your Local Chamber of Commerce | |
Anderson County Chamber of Commerce www.andersoncountychamber.org
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
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We want to thank our premium sponsor. Click on their logo to visit their web site.
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. |
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865-692-0716 Suite 450, 412 N. Cedar Bluff Road, Knoxville TN 37923 |
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