July, 2016

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Ask Dr. Deborah | What are my financing options?

Dear Dr. Deborah, I’m getting ready to open my own business selling desserts and pastries and I’m looking for some advice. I’ve talked with restaurants in my area and many of them are willing to carry my products. However, in order to start making such large batches I will needRead More

Tools of the Trade | Profit & Loss Forecast

If you want to increase your business’s profits, you need to create the right strategy and understand your expenses. To do this, there is one tool that you absolutely must have: a profit and loss forecast. As a self-employed business owner there are several pieces that you need to bringRead More

Why You Should Be Nurturing Supplier Relationships

You may not realize it, but your supplier relationships can be a critical part of your business strategy. Most businesses have at least one supplier they commonly order goods from. These purchases typically represent the major area of spending, especially for those who sell physical products. A strong relationship withRead More

7 Cash Flow Best Practices You Need to Know

Without continuous, positive cash flow, you can’t have a successful business. Even though this is one of the basic truths of running a small business, many entrepreneurs struggle with cash flow management every day. Poor management and control issues can quickly snowball into major problems, and sadly, many of thoseRead More

Top 10 HR Issues Small Business Owners Should Track

Small business owners possess several advantages in the U.S. business climate, including their ability to more quickly and easily change human resource practices and policies. This is important because as technology changes and the government rolls out new regulations, businesses need to adapt quickly. The smaller, simpler structure of smallRead More

Ask Dr. Deborah | How do I deal with local construction as a business owner?

Dear Dr. Deborah, My town began a large construction project last month to repave the downtown area. Several businesses, including my own, are located right in the middle of this construction. With roads being closed off and construction equipment constantly around in the height of summer, I’ve already started toRead More

5 Steps to Better Inventory Management

Inventory management is a challenge for any small business owner selling a product, especially as inventory typically represents 45%-90% of all expenses. Ultimately, it comes down to one question: How much do I order and when? Order too little, too late and you don’t have enough supplies to meet demand.Read More

How Consumer Generated Marketing Can Be Your Greatest Tool

One of the best marketing tools small business owners have access to is their own customers. Businesses large and small are taking advantage of consumer generated marketing, a strategy where a business invites consumers to share their input and ideas with the company. Not only does this type of campaignRead More

Tips for Refreshing Your Summer Marketing Strategy

We are now half-way through summer, but that doesn’t mean it’s too late to refresh your summer marketing strategy! Most businesses plan their summer marketing campaigns well before the warm weather hits. However, it’s always smart to evaluate your progress, ramp up your strategy, and change things up if needed. EvenRead More