America’s SBDC Blog

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Keeping Your Inventory Management Up to Snuff

August 22, 2012

Maintaining inventory might just seem like an annoyance you tend to as supplies run low or customers order something obscure. But effective inventory management isn’t just a matter of knowing what’s in stock. It’s knowing what you have, why you have it and how long you’ll probably hold on to it.

To help you streamline the inventory management process and save money without sacrificing your customer experience, try following these guidelines for optimizing inventory management.

Track Inventory and Sales Daily. If you haven’t yet started taking thorough records, now is the time to start. All of your transactions must include some record of what inventory was required to complete the transaction. This may sound very easy for a retail storefront, but for, say, a restaurant where one transaction requires a few primary components and many others in small amounts, it can get difficult. (more…)

It’s True: Direct Mail Still Matters

August 15, 2012

With the hype surrounding social media and digital marketing, you might be surprised to know that the old-fashioned direct mail piece will bring in more new customers than an email will.

Yes, it’s true. As shocking as it sounds, two to three times as many 18-34 year olds preferred to receive marketing information from offline sources, such as direct mail, according to a recent survey by ICOM, a division of Epsilon. Although it may save you a little money, ignoring traditional strategies may result in reaching fewer prospects and, in turn, achieving fewer sales.

Here are three tips to contemplate while crafting your direct mail strategy.

1. Have realistic expectations. If you mail out a special offer to 1,000 homes in your area, how many people do you expect to show up, offer in hand? If you answered “hundreds,” you will be disappointed. “Dozens” is far closer to the truth. Although the rates vary by industry (retail industries fair the best), the Direct Marketing Association reports the average response rate is 3.4 percent. (more…)

Resources to Help Your Small Business Grow and Thrive

August 14, 2012
By Cindy Bates, Microsoft

This past spring I had the pleasure of participating in an event in Los Angeles put on by the SBA and White House Urban Economic Forum. The forum is a series of national events designed to connect small business owners and entrepreneurs to local and national resources and offers opportunities for networking with local and national small business officials.

Participants offered insights on critical issues in the local small business sector and discussed the policies and programs that fuel the creation of private-sector jobs and the next generation of entrepreneurs. They also identified resources available to help the SMB community grow and thrive.

Coming from a family of small business owners, I am passionate about entrepreneurship and know firsthand how thrilling, but also challenging, it can be to start and maintain a successful business. Knowing that every business owner is eager to learn about available help, here are a few of the business development programs and resources mentioned during the forum that you may find helpful for your own business: (more…)

How to establish and protect your competitive advantage

August 13, 2012
By Jack Garson

(On The Edge from The Legal Edge, SmartCEO Magazine)

In today’s world, more so than in decades past, business is not a “build it and they will come” affair. To create and maintain a profitable business, you need a competitive edge. Your competitive advantage can both drive more business your way and critically protect you against copycats. It can also take a variety of forms. The keys are distinguishing your business from others, fending off imitators and then keeping that edge fresh.

What Works for Your Business

Every company is different. So the competitive advantage that works in one might not work at all for another company. Even in the same industry, your edge may vary. One drycleaner might be the cheapest, another might clean your shirt in an hour and a third might be that rare one that doesn’t smash my buttons (wouldn’t that be something!). (more…)

3 Things You Need to Run a Successful Local Deal

August 10, 2012

Are you considering getting into local deals (also known as daily deals), or just want to brush up on the basics before you set up your next offer? Here are three things you need to make sure you have from a vendor before running a deal that will help put your business on the path to success:

– Control over the details of the deal

– An easy way to measure the deal’s success

– Ability to engage with customers AFTER they’ve taken the deal

Let’s take a closer look at why these three things are so important.

1. Establishing control

Traditionally, many deal providers dictate the terms of your deal. Good for them, but not always good for you. When you have full control over your deal, you get to decide what works for your business. This means you can: (more…)