Tuesday, January 15, 2008

SBA, stands for Small Business Administration

Small Business Administration @ Sba.gov is my favorite government website and in my opinion the best small business resource. If you need help growing your small business, you should definitely visit it, and see if you qualify for one of it's SBIC research grants. What are the three most important things you need to focus on to grow your small business?

Answers:

1. Grow Sales, what ever it takes you have to have sales, growing them to make enough profits to cover your cost is the key.

2. Keep Costs low, especially Cash Flow, conserve cash to pay your suppliers and make sure you not only have enough profit margins built in, but you conserve cash until your income keeps up with your costs.

3. Stay focused, have a great support team, even if they are contractors, and don't worry be happy. You need to have a great team supporting you, that means a local small business lawyer and a small business accountant, a part time book keeper and an admin are great to. Don't try to do every thing your self, paying someone to come in once a week to do your books is money well spent.

Lastly besides the above, what is the best thing you can do to grow your small business? You can and should join a professional barter network such as ITEX Barter. Why, it will help you sell your products and services in an active business community.

1 comment:

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