The mission statement is something very different from the business plan. Mission statements set the moral and human goals to which your company is supposed to aspire. In many cases, they also state higher order business goals, such as a corporate commitment to maintaining an annual compounded rate of growth of a certain percentage. Mission statements are most often associated with large corporations—an effort to get thousands of people to pull in the same direction across a far-flung corporate empire. But I think a mission statement is a good thing for a small business as well, and it’s something that should be developed at the outset. Read more »
Don’t Overlook Your Suppliers
Don't overlook your suppliers--they are hidden assets and can help your business grow. Your approach to suppliers needs to be part of your strategic plan since almost every company, whether product- or service-oriented, is dependent on suppliers. Many business owners seem to get this supplier issue backwards. They think that because they write the order, they're in the dominant position and can exploit it with unreasonable demands, including personal perks. Let's get this right--you need good and reliable suppliers. When you find them, treat them like gold. Read more »
FIGHTING BACK AGAINST CREDIT CARD FEES
I recently attended an SBDC Small Business seminar and was surprised to discover how many small businesses were financing their businesses via credit cards. I understand the difficulty of securing money for start-ups and the passion of pursuing one’s dream to have their own business move them to the desperate act of securing high multiple credit cards to get started. I don’t understand this tactic unless you have cash flow to pay off the card balances. If you don’t, you will severely damage your credit ratings. Be that as it may, if you are going this route, be aware of the high charges awaiting you if you are late in paying your bills. Read more »
Quik Tips for Entrepreneurs
Tip #2: Know What You Don’t Know and Don’t Be Afraid to Admit it. Tip #1: Set Example from the Outset That You and Company Are Trustworthy. Read more »
BUSINESS INCUBATORS CAN BE A START-UP’S BEST FRIEND
Business Incubators Can Be A Start-up’s Best Friend If you are a start-up company and you qualify, incubators can be a fantastic resource for you in your pursuit of success. Read more »