Owning your own business can be rewarding but there are many challenges that you need to overcome. The best thing you can do as a small business owner is prepare for these challenges so that you can assess your situation and potentially rethink your business strategy. Creating a Vision for the Future When you first start your small business, you will often find yourself spending all your time taking care of the day-to-day tasks or current problems. This leaves you with little time to think about the future of your business.  You need to ensure you are setting aside time regularly to create a long-term plan for the business so that there is a clear path the direction the business should be taking. Click here to read more about developing your business plan. Finding and Retaining Employees Hiring the right employees is one of the hardest parts of being in business. Finding qualified talent is a challenge that all business owners, big and small, face. As a business owner, … [Read more...]

There have been some big changes to SAM in the past few months. In April, the DUNS number was dropped and replaced with a Unique Entity Identifier (UEI). The changes migrated business and owner verification from Dun and Bradstreet to the Federal Service Desk (FSD). In May, the FSD began requiring all entities to reset their MPINs. These changes have not been painless, but we do have some guidance and tips to help you through these processes. Here are some guidelines to help you get through the SAM registration process(es) as seamlessly as possible. 1.  A Unique Entity Identifier (UEI) was assigned automatically to companies already active in SAM. The UEI is 12 characters long and a mix of numbers and letters. If you are registering a new company in SAM, you will need to apply for a UEI within the SAM application. The first step in a new registration is to select your purpose in registering. After that you will need to supply the following information in order to be assigned a … [Read more...]

A customer service strategy is a thorough plan to handle customer interactions. It lets you provide a consistent customer experience. Improved customer experience results in a more loyal customer base. Loyal customers buy more often, spend more, and refer their friends and family to you. 7 Steps to Develop an Effective Customer Service Strategy Step 1: Make customer satisfaction the end goal across the company A successful customer service strategy is a result of focusing on customer satisfaction. At first thought, this makes sense for people working on the frontline. But what about those that never face a customer? The customer-first mindset across the board makes support teams better at their jobs. Step 2: Identify all customer touchpoints Analyze your customer interactions. To do so, answer the following questions: How soon after buying your product do they return (this will help identify repeat customers)? How often do your customers purchase from you? What … [Read more...]

As a small business consultant, I am frequently asked what are financial statements and which ones do I need? It is important to understand that each and every statement has purpose and contains valuable information about the financial health of your company. Comparing month to month and year to year financial statements gives even a better picture and understanding of your company.  Learning about these financial statements and becoming familiar in how to use them will help you grow your small business.   The four basic financial statements:  The Income Statement, or also known as the Profit and Loss (PNL)  The Balance Sheet  Statement of Cash Flow  Statement of Owners Equity  *NOTE:  All financial software for small business should be able to create these statements easily and quickly.    The income statement or profit and loss statement should be your “go-to” statement to determine how your business is doing week to week, month to month and year to … [Read more...]

Congratulations are in order for the three student entrepreneurs selected to receive seed capital for their businesses and business ideas at the third annual Eagle Innovation Business Pitch Competition. On April 14, six University of Mary Washington (UMW) and Germanna Community College students pitched their ventures to a panel of five judges who selected the award recipients. Each student had five minutes to clearly articulate their business idea, identify and define a market, explain their startup costs and cashflow projections, and validate their concept and themselves as a business owner. The first-place award of $2,000 was awarded to UMW junior Jarad Ponce for his company Henrey and Sons Liquidation Corporation. The second-place award of $1,000 went to UMW junior Hollis Cobb for his nonprofit Bookmobile Fredericksburg. The third-place award of $500 went to Germanna student Ebony Boone for her business idea: Vibes Lounge & Spa. The first place awardee Jarad Ponce … [Read more...]

Trying to keep up with continuously changing technology can be difficult. I am always looking for solutions to improve my productivity, collaboration, and communication. Technology can simplify and streamline your business operations. My team knows I do not like paper, so I continuously look for the next best thing! Here are a few suggestions below to get you started: Mailchimp – this has become one of our favorite marketing applications! It helps my team communicate effectively with our clients and employees.  Each marketing campaign provides analytics and tracking information regarding opens, clicks, and unsubscribes. Mailchimp offers many different pricing plans to create and manage your email campaigns. The free pricing plan works for our small business, but other plans include more sophisticated options and automation features that may work for your business. Lastpass – I don’t know what I would do without Lastpass. Lastpass stores all your username and passwords into one … [Read more...]

As a small business consultant, I occasionally get asked, “Should I hire family members to work for me?”  When you ask most people, the immediate response is no.  Even folks who have never owned a small business feel very qualified to answer this question with an easy and quick NO. My answer is slightly different, “it depends”.  Small businesses around the world have depended upon family for generations.  However, using family in the “family business” is slightly different than hiring family to work your small business.    This is just a simple list of things to think about:  Why would you want to hire a family member over a traditional employee?  Do you have issues with trusting strangers?  Are there personal things you do not want others to know?  Have you thought about opening the world of your small business to your family?   Are there other applicants qualified for this position?  What are the skill sets required?  Is this a permanent or temporary … [Read more...]

As a business consultant, most of my conversations with small business owners are both exciting and stress-inducing. Most small business owners can discuss ideas of growth and expansion. Some can even lay out detailed plans for the next several years.  However, many small business owners are unable to think of a future without the thought of their small business.  The day-to-day operations, blood, sweat and tears in conjunction with emotional highs and lows distract small business owners from contemplating an exit strategy. There is also the common sentiment: “This is my baby; I could never do that.”   In my own personal experience living with an entrepreneur, I have witnessed the adversity, hardship and commitment that small business owners put into building and growing their business.  And yes, it does become their “baby”.  But all babies grow up, and move on to live their own life, and as parents we embrace that.  Why wouldn’t small business owners do the same?   I think it is … [Read more...]

Running a small business is not a walk in the park. When I started my staffing agency five years ago, I truly had no idea what I was getting myself into. Certainly, I anticipated demanding work, long hours, and restless nights. I had witnessed previous generations of women in my family juggle business ownership and family responsibilities. And, of course I knew about the complexity of managing people and processes. I soaked in much experience and knowledge from my prior  careers in healthcare and sales management. So, I am here to tell you that nothing quite prepares you for running a small business until you are in the middle of it. It is like swinging from tree vines through a thick jungle with unpredictable animals in your path. You make decisions, advance to the next branch, and feel the warm sunlight just in time to prepare for another round of complexity. For me, I enjoy navigating the day-to-day challenges. As a small business with many large competitors, I sometimes feel … [Read more...]

Market potential is a crucial element in the business planning process.  It will help you estimate the amount of money you can expect to make from the products or services you plan to market. It is the total demand for a product in a given business environment. Keep in mind the estimate is only as good as the information being used. Five steps to identify your market potential: 1. Verify Market Size Volume - total number of potential customers Value - total financial value consumers are able to pay for market products Market Growth: Short term and long-term forecasts Track financial trends in similar businesses a few years back Look at growth dynamics that will stimulate the market currently and in the future Competition Determine the number of competing companies in your market area Identify their strengths and weaknesses Does your product or service offer a competitive advantage? What barriers need to be overcome for your … [Read more...]