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INFOGRAPHIC: How to Ensure Longevity for Your Business

June 20, 2013

Small businesses often struggle to survive. In fact, 50% of American small businesses close up shop within their first year.

So what are the secrets to staying in business and locking down success? This infographic from Intuit takes a look at small businesses — what industries they’re in, what cities they thrive in, and what they’re doing to stay in business.

When it comes to longevity, small business is often the tortoise in the race. And we all know how that particular story turned out. (more…)

Should I Worry About Signing A Contract With A Non-Compete Clause?

May 8, 2013

Whether you’re an employee of a company or a business owner finalizing a partnership deal with another company, the non-compete clause is often included in the final contract. Should you be very worried and hesitant in signing a contract with a non-complete clause in it?

The non-compete clause

The textbook definition of a non-compete clause is that it is a form of restrictive covenant that adds limitations to the employment or sale contract. These agreements protect the business by restricting the other party from performing similar work for a specific period of time within a certain geographical area. It’s important to note that the courts do not always uphold them. In fact, the courts evaluate non-compete clause for their reasonableness to determine whether they constitute an unfair restraint on trade. (more…)

How To Shorten The Sales Cycle

April 17, 2013

Definition: Closing the business as quickly as possible after 1st initial contact.

Whether you’re a hunter sales rep, a farmer sales rep, inside sales or outside sales, having the ability to control and at times shorten the sales process is a powerful tool to have in your arsenal. Throughout my sales career, the most common obstacles and stalls that lengthen the sales process have been: “Send me a proposal…. Call me tomorrow/next week/next month…. I need to think about this more…. I really don’t have the time to do all of this right now…. I need to check on my other options…. I need to check with my partner”

There are 5 areas to focus on that will help your control and shorten your sales process. Those areas are:

(1) Your confidence and mindset
(2) Attempt to close business on the spot
(3) Setting clear next steps
(4) Creating urgency and,
(5) Asking the tough questions. (more…)

When to Put a Bullet in a Business

April 4, 2013

You went into the venture with the highest of expectations. Then, you invested time, money and considerable effort. You may have a company that has been in operation for years. Now tough times have hit and you need a solid objective means of determining whether to pull the plug. Consider a few factors before you make the decision and watch out for thoughts that seem logical but actually distract you from good reasoning.

This, too, shall pass

You need to determine whether your business is caught in a permanent downtrend or just the bad stretch of a business cycle. In the former situation, you may be making the best buggy whips on Earth, but it is likely time to wind things down or steer your business in another direction. I encountered a classic example of this situation when internet-based companies started taking business away from mom-and-pop travel agencies.

One owner of an agency was working 60 hours per week and making less than she would bagging groceries. I asked her why she continued in the business and she replied that it was all she knew. While I was sympathetic to her situation, she did not have a good reason for staying in business. She could have to work for someone else and made more money with fewer headaches. Or she could have used the internet to help her evolve into a new business. (more…)

5 Online Legal Mistakes You’ve Probably Already Made

February 26, 2013

Eric Spellmann continues to be one of the highest rated speakers at our national ASBDC conferences. His unique view that small business websites should “do” something pushes against the standard “online pamphlet” view of most web design companies. He believes your customer’s websites should be driving qualified leads and sales on a weekly basis. Eric speaks at a number of other national and state conferences nationwide, but enjoys running one of the most successful web design companies in the country. He truly believes in the SBDC mission as it helped him start his own company many years ago. To contact him, visit his website at EricSpellmann.com.