Money Smart Business

Money Smart for Small Business

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Money Smart for Small Business Training August 2 to September 27th, 2022 Tuesdays @ Noon – 1pm

Click to Register for the zoom link 

A Financial Education Program by the FDIC and SBA.   Benefits:

  • Build a business and create wealth
  • Understand skills required in a start-up
  • Learn skills in business management and operations

Download participant guide to use each week.  We will not be giving a test during this online class, however the pretest in each booklet will help you assess your knowledge and guide questions you may want to address during the weekly session.  See the materials per week:

Week 1:   Is Owning A Business A Good Fit For You?

Week 2: 0809_SB_Planning_for_a_Healthy_Business_PG

Week 3: 0816_SB_Financial_Management_PG

  • Jim Struwe, SBDC Advisor
  • Jennifer Johnston, SBDC Director

Week 4:  0823_SB_Managing_Cash_Flow_PG

Cash Flow Worksheet using Wired Cup example – practice changes to improve the cash flow

  • Jennifer Johnston, SBDC Director

Week 5:  0830_SB_Building_Credit_PG     Extra Resource: FTC Guide on Credit Repair

  • Martin Orrostieta, SBDC Advisor
  • Lender

Week 6:  Happy Labor Day, we will not meet on 9/6/22.

Week 7: 0913_SB_Insurance_PG  we will continue with the banking discussion as well as addressing insurance/risk management.

Week 8: 0920_SB_Tax_Planning_and_Reporting_PG

Week 9: 0927 SB_Selling_Your_Business_and_Succession_Planning_PG

 

Please provide feedback on the course with the SBA-Training-Evaluation-Form  upload to Click here  or email: Jennifer Johnston, jjohnston@parisjc.edu

If you have any questions, contact us at 903.782.0224

#ParisTX #GreenvilleTX  #SulphurSpringsTX #CooperTX #ClarksvilleTX

Automations for Small Business

Automation for Small Business

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Think of all the daily tasks your business requires to function properly. How many of these tasks are done manually on spreadsheets, by entering data into the computer or through generating individual responses to customers? These repetitive duties can eat up time and bog down a business.

Imagine implementing an app and with the push of a button all your tasks were completed in little time with less effort. Not to mention, the app followed up, scheduled the next marketing email, and tracked useful data that resulted in sales. This is all possible.

Apps have become a necessary part to running an efficient business. These are not finger foods served at cocktails parties, but computer programs built for automating daily tasks. If your small business relies on you to do much of the work at the very least you should consider automation for bookkeeping, a payroll tax and sales tax system, email marketing, and meeting scheduling with automated follow up reminders.

 

What is automation for small businesses?

Automation is the implementation of a computer application or subscription to a service that streamlines workflow and accomplishes tasks that a person would manually have to do. The days of switchboard operators asking how they can direct your call are a simple example of what automation has become. Now it’s an electronic voice giving you a list of choices and numbers to push for service.

 

Does automating really save money?

The goal of automating is to simplify your business. Through automation, a company can reduce effort, time and the costs required to do manual tasks. By freeing up staff, more time can be spent on primary goals that move the company forward. Not only does automation save money it can drive up revenue, complete repetitive tasks faster, at higher quality and without human error. Automating can help with the following:

  • Reduce operating costs by saving time and labor costs
  • Reduce factory lead times with systems that keep production on schedule
  • Improve shipping times and costs
  • Increase returns on investment (ROI) rates by reducing operating costs. Efficiencies in labor expenses means less overhead.
  • Create the ability to compete globally
  • Streamline communications. Plan meetings, set task reminders, follow ups, and work schedules
  • Reduce the need for accounting personnel

 

What processes or things should I automate?

In the Sci fi thriller Independence Day, a giant green-eyed creature sat in the control room of a spacecraft and pushed a single button to launch thousands of ships to invade earth. You don’t have to be an alien creature to instantly launch thousands of online marketing campaigns across all social media platforms. Nor does the result have to be scary. There’s an app for that and you can even add a smiley face to your message if you like. Check out these aps for email marketing:

Take time and review all the manual tasks that your company performs. Look for areas where you can make changes. Consider the following:

  • Bookkeeping especially if you are still doing this manually on a spreadsheet
  • A payroll and accounting app like QuickBooks or a payroll service company with online automation that sends your data for them to process.
  • Invoicing and collections. Keep your cash flow moving with automatic payment due notices that allow customers to pay via credit card, PayPal, Zelle or Venmo.
  • Sales tax collection and payment, especially if your business sells in multiple states. Check out taxjar.com
  • Social media and email marketing apps with a scheduling tool that can launch campaigns across all platforms at once
  • Drop shipping and warehousing automation for manufacturers or print on demand companies
  • Sales and order processing apps or outsource to companies with data and processing services
  • Task management system with follow up reminders and scheduling. This may also include an intercompany communication system

As with any suggestion, do your research and as always do what is best for your company.

 

Top automation tools for businesses:

If you are looking for some proven, great automation tools for your small business, we’ve compiled a list.

*Of course, we don’t endorse or recommend which apps and which automations to use for your business, the following is only intended to get you started and is in no way a complete list:

  • Zapier can automate your work across 5,000 + apps
  • IFTTT is like Zapier. Use this to create automations between apps so you don’t have to bounce around
  • Activecampain for advance email marketing
  •  Hootsuite or buffer are social media essentials
  • Calendly A simple automation tool that cuts out back-and-forth emails for scheduling meetings, phone calls and other appointments with email links to a calendar system (we use that here, at Paris SBDC)
  • Xero As your business grows your accounting needs increase. Xero can minimize the workload otherwise handled by an accounting department
  • Constant Contact Great for emails, newsletters and keeping customers up-to-date

 

 

Are you considering switching a few of your small business tasks to be automated? We can help you evaluate and decide the best processes and automations to have. Contact us at the Small Business Development Center – SBDC – Serving Paris area:  Lamar, Hunt, Hopkins, Delta, and Red River counties.

Back to School Marketing for Small Business

Back to School Marketing Ideas for Small Business

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For many businesses, students going back to school can present an opportunity for sales. Unlike a gleeful house fly rubbing its forelegs over a drop of honey on the kitchen table, a few companies are not so thrilled. Losing valuable summer workers, a change in consumer buying habits, and losing the lunch crowd that will no longer be hanging out near their store, can add up to financial losses. The good news is, there are many ways to tap into back-to-school opportunities. Here are a few ideas to think about:

Be flexible:

Offer students part time positions with flexible hours that work with their school schedule. This can include adjusting hours and offering extended breaks for times when an employee needs to study.

Get social:

Create a friend of (your business) social following page where customers and former employees can keep up with what is happening now that they are in school. Offer future coupons, organize quarterly social gatherings, or create loyalty programs to keep interest.

Enlist help:

Outsource influencers that are willing to post products, information or ideas related to your company. With the ease of posting pictures on Instagram, pinning on Pinterest, or TikTok videos, marketing can be done at any time even while in school. Look for influencers with an active and substantial following. Unlike Jessie who hangs out with your daughter. Her promise that if you give her free stuff, she’ll post a picture to all three hundred of her friends, is not going to get the results you want.

 

Back to school marketing is not just for retailers:

Retail sales are on track to be the highest in the past five years. (Despite the looming recession.) The National Retail Federation estimates $36 billion will be spent in back-to-school related sales and $73 billion is expected for back to college spending this year. While it appears that consumers are undeterred by the current high rate of inflation, they are making cuts elsewhere. If you are a non-retail business facing a shift in spending caused by these cuts, marketing is essential.

For the food and restaurant industry, create before and after school specials. Market a “bring a school pal and get a free coffee or soda” promotion. Offer special takeout or boxed school lunches or discount deliveries. Try discounts for kid’s meals during back-to-school shopping hours.

The millennial generation prefers texting to talking. Use short message systems (SMS) for targeting and making people aware of your e-commerce business. Add links with coupons and discounts to direct them to your site.

Tweak your website with back-to-school themes, ideas, and blogs with helpful information. Add limited time discounts on services that create a sense of urgency.

 

Top back-to-school promotional items for 2022:

Curious as to which items are “hot” this year for back to school?  Here’s a list:

  • Electronics are expected to make up a considerable portion of school spending.
  • Shoes and clothing
  • Educational books and supplies
  • Furniture and bedding
  • Stationery

 

Non-retail items to promote:

For health and fitness: Create a fitness challenge that can be followed on social media. Offer back to school specials on classes or services. Discount with a two for one special on manicure, pedicure, facials, and neck massage to relieve post shopping stress.

Restaurants and food service industry: Offer a free dessert with after school specials. Give out cookies or small snacks during peak shopping hours to increase awareness.

Education and teaching: offer an hour of free tutoring services. Raffle a free notebook or stationery with online courses. Conduct how to courses on improving Wi-Fi, computer speed, or organizing your dorm and office.

 

Partnering with schools:

Each year many businesses partner with local schools providing everything from I.T. services, sports equipment, food and beverage vendors to yearbook and class ring vendors. The competition to become a school vendor is fierce. It is more about the relationship than the money that draws the interest of the school administrator. Your company must be reliable and have an edge over the competition. Do your homework and be prepared.

Get your face out there:

The school administrator is responsible for selecting vendors. With endless contacts by vendors seeking contracts, it is often the administrative assistants who act as the dragons guarding the gate. Becoming friends with the assistants can often get you on the administrator’s schedule. Meet with purchasing agents, district officials, or do a presentation at a parent /teacher organizational meeting.

Timing is everything:

Do your research and find out when vendor selection begins. Evaluations, needs assessments and goal setting tends to start at the beginning of the summer for most seasonal schools. Spending starts in July in preparation for opening in late August or early September.

 

Should I partner with local businesses?

ABSOLUTELY!  Teaming up with another business for back-to-school can increase your customer reach. Create an event with food vendors, music and giveaways to draw attention to your company.

Holding a supply drive, a bake sale or fun run event while donating to a school-oriented charity can also bring awareness to your company.

 

Back to school will be here before you know it!  Do you need some ideas on how to promote your small business and take advantage of the back-to-school rush?  We can help!  Contact us at the Small Business Development Center – SBDC – Serving Paris area:  Lamar, Hunt, Hopkins, Delta, and Red River counties.

Are You Ready for the Shark Tank? Pitching Your Business to Investors

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** Look at the FREE information we have for you online here with Paris SBDC: Finding and attracting investors

 

Why would you need investors in your small business?

An investor can make a difference that often leads to success for a small business or an inventor looking to promote a distinctive idea or product.

Imagine having a product or unique business that is a Rockstar in the community and you are finding it nearly impossible to keep up with the demand for what you do. The very thought of adding more locations might sound like a slow death sentence by overworking. An investor with the right connections could be the answer to growing your company without increasing your workload. Perhaps that hot sauce your friends and neighbors have promised their first born in exchange for the recipe needs a steady money supply to become a commercial product. This too could happen with the right investor.

For Steve Ells, founder of Chipotle restaurants, family and friends were the investors he sourced the eighty-five thousand dollars he used to open his Mexican grill. While taco shops are nothing new, Chipotle’s fresh grill inspiration came from street vendors in San Francisco. Even today new and interesting taco shops are consistently opening. However, it was Ells’ concept of promoting naturally grown foods that saw it generate seven plus billion dollars of revenue in 2021. That is a lot of tacos and burritos.

 

How do you find investors?

There are many different types of investors for a small business owner to consider. Above all, it comes down to research and finding the right fit for your company. Here are a few options.

-Crowd funding.

Somewhat like a bake sale to help a sick or needy child, this type of funding can also be sophisticated. A concept that relies on a large group of small investors, often the company provides incentives or perks in return. In equity crowdfunding, private company securities are offered to a group of several investors in return for financial backing.

-Bootstrapping.

Bootstrapping, a method of finance by reinvesting your company’s revenue, is how Mrs. Field’s grew her cookie business in the nineteen-seventies. With the concept of selling freshly baked homestyle cookies, they opened several stores and eventually started franchising. Along the way, they purchased other companies offering franchises for those stores as well. Relying on revenue from your company may not be the best for long-term growth. However, investors tend to be keen on businesses willing to put up their own money as part of any potential investment.

-Friends and family.

Those who know your business as well as you do, are often friends or family members. While this may be less complicated than sourcing traditional investors it can come with high expectations that may jeopardize the relationship. If you should decide this is the only method of fundraising, treat the potential investors as you would any other professional. Provide a portfolio and a business outline. Define the when, where and how’s of returns on the investment. Make certain your relationship is sold beforehand, otherwise this may not end well.

-Angel investors.

Angel investors are not from heaven. They are wealthy investors often in your community that are willing to put money into a new business in exchange for equity. Network close to home to find willing angel investors. Go to local startup events, chamber of commerce meetings, even fundraisers. Also, check the internet for places like these:

-Venture Capital.

Venture capital is a private equity form of investment, often sourced during later stages of a grown business startup. Venture capital firms often look for massive growth potential in a company. Think Chipotle Mexican grill after the friends and family investment. Later as the company grew, it was necessary to secure venture capital to finance further expansion across the country. Do your research. Connect with Venture capital companies on LinkedIn or attend a pitch event.

 

What are investors looking for? 

While not all investors have the same end goal, a good return is often a common interest. Otherwise, investors often look for the following.

  • A company or industry they are familiar with
  • Solid data and a strong business plan
  • A management team they can get behind and believe in
  • A unique concept or idea with a large market and competitive advantage
  • A growing company with momentum and solid footing in the marketplace
  • An idea that will generate cash flow with a clear investment strategy

 

Pitching your business to investors

 A business pitch is a persuasive argument to convince a person or investors to invest into your business. Pitches can be as short as twenty second or up to an hour so long as you keep the investors interested. A presentation should include:

  • Correct information including the value of your proposition
  • Specific benefits of your unique product or idea
  • What advantages you have over your competitors
  • Target market, demographics and why customers should choose your product
  • Sales strategies and revenue projections
  • Team members
  • Exit strategy
  • Amount of funding needed

A great business pitch tells a story. Much like the stories of Steve Ells and Mrs. Field found earlier in this blog, these are things easily remembered. In telling your story, draw upon your own experience tying in how your business resolved a relevant problem or solved a need.

Be sure to provide contact information. Should you pitch to an audience, this will help them find you.

Remember to plan for various situations. Slow down, be confident and practice, practice, practice, so that your pitch sounds professional. Be respectful and prepare for difficult questions. Often investors are looking for a resolution to a problem that will make them money.

Be sure to follow up afterward with a brief email or phone call that reminds them of you and your product. Also ask for feedback and correct any issues for any potential future pitches.

 

Do you own a small business and would like additional investors? We can give you the resources you’ll need to pitch your business to investors. Please contact us at the Small Business Development Center – SBDC – Serving Paris area:  Lamar, Hunt, Hopkins, Delta, and Red River counties.