America’s SBDC Blog

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Lighting the Way for Firefighters

October 19, 2015
Lighting-the-way-for-firefightersSuccess Story: Pennsylvania

“We could not have been successful without the SBDC’s support, business connections, and excellent service” – Steve Brion, Owner and CEO of Light Shield Products LLC

Impact of working with the Pennsylvania SBDC: Steve credits the SBDCs’ assistance directly in helping Light Shield to obtain the investments necessary to turn his idea into a reality. Sales of the new Level Light product began with its launch in May, 2013, and new jobs have been created in sales, marketing and accounting. (more…)

Consider the Legal and Financial Aspects of Owning a Franchise

October 15, 2015

FranNet-Blog-10-15-2015As with any major investment, the best decision can be made only if you’re as informed as possible. You need to spend a good deal of time researching, interviewing and exploring your options — and a part of the process is determining what the legal and financial aspects are.

As your focus gets more serious with the idea of owning your own franchise, you need to genuinely look at your financials and propose a budget with which you feel comfortable. Research the many options you have, like the Self-Directed 401K option or loans. Financing a franchise may be considered a lower risk investment, mostly because franchises have proven track records and an established trademark and brand. That being said, it is still crucial that you prepare an in-depth business plan and explore a range of options so you commit to the one that makes the most sense for your budget.  (more…)

Mastering the Art of Management

October 13, 2015

mastering-the-art-of-mgmt-google-blog-postMany small business owners are masters of their industry, but when it comes to managing a company, a new and different set of skills is necessary. According to the US Census, 38% of small businesses have 5 or more employees. That’s more than two million businesses that rely on strong leadership and employee relationships to keep their companies running smoothly. This month, in honor of National Boss’s Day, we’re taking a look at what it takes to be a great leader for your small business.

Make the right hires.
Laszlo Bock, the SVP of People Operations at Google and the author of Work Rules, has said the key to a company’s success is to “hire amazing people, give them more freedom than you’re comfortable with, provide targeted real-­time coaching, and forgive failure as long as people learn.” When hiring, look for people who not only have the necessary skills but also share the same vision and values as you.

Invest time in your employees.
In our Boss’s Day Q&A last year, we talked to a manager-employee pair at Google who admitted that the biggest challenge in building a good working relationship is making time for each other. One suggestion is to schedule a weekly or bi-weekly check-in, which can be used to talk about projects but also to catch up and get to know each other as people.  (more…)

New South Carolina Residents Cook Up Fresh Business in Rock Hill

October 7, 2015
The-Yolk-Cafe-South-CarolinaSuccess Story: South Carolina
  • Rock Hill Area SBDC, South Carolina SBDC network
  • SBDC Consultants: Larry Stephens and Carol Daly
  • Clients: Greg and Sabrina Collier, The Yolk Café – SBDC clients since 2013

“The Rock Hill Area SBDC was, and still is, one of the most essential components of the success of our restaurant.” Greg Collier, Chef and Owner, The Yolk Café, Rock Hill, SC

Impact of working with the South Carolina SBDC: General guidance and marketing. “Carol and Larry provided us with marketing tips particularly with our website and the social media we already had going. They also helped us find an accountant,” Collier said. One of the things that he found most helpful was the encouragement to take small steps and make small investments that can help their business grow over time. “Larry helped us to stay grounded, as well as motivated,” Collier recalled.

Read the whole story, and learn more about the South Carolina SBDC and The Yolk Café.

What Small Businesses Should Know about the EMV Fraud Liability Shift on Oct. 1, 2015

October 5, 2015
By Mary Hughes

credit-card-with-chipThe U.S. is the last developed country to migrate from magnetic-stripe (“mag-stripe”) cards to EMV¹ or chip cards.  This migration will affect credit, debit and prepaid cards issued by U.S. financial institutions.

The biggest benefit of chip card technology is the potential reduction in card fraud due to counterfeit and lost and stolen cards for card-present transactions (where the card is physically present at the point-of-sale).  Chip card transactions offer enhanced functionality in card authentication, cardholder verification, and transaction authorization, thus providing better security than magnetic-stripe cards.  A chip card has an embedded microprocessor chip (it looks like a small, metallic square on the front of the card) that stores information securely and performs cryptographic processing during the payment transaction.

When a financial institution issues a chip card, the chip is encoded with security credentials that are extremely difficult to counterfeit.  Plus, chip cards create dynamic data that are unique for each transaction and cannot be used again.  Because of these security features, countries that have implemented chip cards have seen a reduction in card-present fraud rates.  (more…)