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SCORE, Your Business Resource

SCORE

For over 50 years, SCORE has served as America’s premier source of free business mentoring and education.

As a resource partner of the U.S. Small Business Administration (SBA), SCORE has helped more than 11 million entrepreneurs through mentoring, workshops and educational resources since 1964.

With SCORE, you are not alone on your business journey.

View upcoming live webinars
SCORE hosts free, LIVE webinars every week on small business tips and strategies. See our upcoming offerings.
Live Webinars                   https://www.score.org/live-webinars
Recorded Webinars         https://www.score.org/recorded-webinars

Browse Library If you’re looking for free business templates, e-guides, checklists, blogs, infographics, videos, and other helpful resources, SCORE is your destination.
https://www.score.org/content/browse-library

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How to get Federal Contracts for Your Small Business

Below is a posting by the SBA four days ago.

How to get Federal Contracts

for Your Small Business

When: Thurs. Feb. 27, 2020

Time:   8:30 am – 1:00 pm

Where: Liberty Hall Corporate Center

            1085 Morris Avenue

            Union, NJ 07083

Fee:     No Cost

Info:     Rogers Ramsey 908-527-1166

Each year, the federal government spends over $100 billion on goods and services from small business owners like you.

This seminar will provide small business owners with a general understanding of government contracting and the federal procurement process. Janett Peralta from the U.S. Small Business Administration and Maryanne Williams from the

UCEDC Procurement Technical Assistance Center will discuss:

How to conduct thorough market research to find opportunities

Techniques and strategies to market more effectively to win federal business

Subcontracting Opportunities

Contract types

Contracting Certifications

Federal Business Opportunities

System for Award Management (SAM)

Forecast

Don’t miss this free seminar and learn how to increase your chances of winning  contracts from the federal government.

REGISTER HERE

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Small Business Expo 2020 – PHILADELPHIA

The Small Business Expo 2020 is coming to Philadelphia on Wednesday, April 29, 2020, from 10:00 AM to 5:30 PM. Attendees of this expo will have an opportunity to network with thousands of businesses, entrepreneurs & start-ups

*Fast-paced speed-networking sessions to build your network.
*Establish hundreds of new & valuable contacts.
*Interact with the movers and shakers of small businesses.
*Leave the show with qualified and targeted sales leads.
*Surround yourself with passionate business owners.

These are the 5 different levels of registration.
1. BRONZE, Exhibitor Hall, Workshops, Keynote Speakers, Business Card Exchange. Free.
2. SILVER, BRONZE PERKS, PLUS: Access to Speed Networking Sessions. Cost of $28.16.
3. GOLD, BRONZE & SILVER PERKS, PLUS: Access to Networking Happy Hour with Open Bar & VIP Express Check-In (skip the check-in line). Cost $54.67
4. VIP (Most Popular!) BRONZE, SILVER & GOLD PERKS, PLUS: Lead Scanner App (scan badges & collect contact info) & Priority Seating in Workshops & Speed Networking (skip the line) Cost $107.72
5. VIP + Eblast (Best Value!) BRONZE, SILVER, GOLD & VIP PERKS, PLUS: We will include your company’s advertisement in our post-show email to the attendees. Cost $266.85.

My colleagues at Keystone Business Brokers look forward to meeting you at the Expo.

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Using Focus Groups to Acquire Marketing Research (a cost effective research technique)

Using Focus Groups to Acquire Marketing Research
(a cost-effective research technique)

Many small businesses don’t take advantage of using marketing research techniques to determine the needs and wants of their target market. Before starting a promotional campaign it is wise to get feedback from customers. The focus group is the first step in gathering qualitative data for your research.

Basics of Conducting Focus Groups
Focus groups are a powerful means to evaluate services or test new ideas. Focus groups are interviews, led by a moderator with 6-10 people at the same time in the same group. One can get a great deal of information during a focus group session.

Preparing for the Session
1. Identify the major objective of the meeting. 
2. Carefully develop five to six questions.  
3. Plan your session.
  4. Call potential members to invite them to the meeting. Send them a follow-up invitation.  5. About three days before the session, call each member to remind them to attend.

Developing Questions
1. Develop five to six open-ended questions – Session should last one to 1.5 hours — at this time, one can ask at most five or six questions. 
 2. Always first ask yourself what problem or need will be addressed by the information gathered during the session, e.g., examine if a new service or idea will work, further understand how a program is failing, etc. 
 3. Focus groups are basically multiple interviews. Therefore, many of the same guidelines for conducting focus groups are similar to conducting interviews.

Planning the Session
1. Scheduling – Plan meetings to be one to 1.5 hours long. Over lunch seems to be a very good time for others to find time to attend.  
2. Setting and Refreshments – Hold sessions in a conference room. Configure chairs so that all members can see each other. Provide name tags for members, as well. Provide refreshments, especially box lunches if the session is held over lunch.  
3. Ground Rules – All members must participate as much as possible. Implement the following three ground rules: a) keep focused, b) maintain momentum and c) get closure on questions.
  4. Agenda – Consider the following agenda: welcome, review of agenda, review of goal of the meeting, review of ground rules, introductions, questions, and answers, wrap up.
  5. Membership – Focus groups are usually conducted with 6-10 members who have some similar nature, e.g., similar age group, status in a program, etc. Select members who are likely to be participative and reflective. Attempt to select members who don’t know each other.
  6. Plan to record the session with either an audio or audio-video recorder. Involve a co-facilitator who is there to take notes.

Facilitating the Session
1. The major goal of facilitation is collecting useful information to meet the goal of the meeting. 
1. Introduce yourself and the co-facilitator, if used. 2. Explain the means to record the session.
  3.  Carry out the agenda.   4. Carefully word each question.  5. Allow each panel member to carefully record their answers. Facilitate discussion around the answers to each question.  
6. After each question is answered, carefully reflect a summary of what you heard.   7. Ensure even participation. Consider using a round- table approach, including going in one direction around the table, giving each person a minute to answer the question.   8. Closing the session – Thank members for coming, and adjourn the meeting.

Immediately After Session
1. Verify if the recorder worked throughout the session.  
2. Review your written notes clarify any notes that don’t make sense, and ensure pages are numbered.     
3. Write down any observations made during the session. For example, where did the session occur and when, what was the nature of participation in the group? Were there any surprises during the session?

Moderating focus groups YouTube link: https://youtu.be/xjHZsEcSqwo

87 Comments

Statement from U.S. Secretary of Commerce Wilbur Ross on Q4 and Annual 2019 GDP: Economy Grows 2.3% in 2019

Statement from U.S. Secretary of Commerce Wilbur Ross on Q4 and Annual 2019 GDP: Economy Grows 2.3% in 2019
Economic indicators
Wilbur Ross
FOR IMMEDIATE RELEASE
Thursday, January 30, 2020
Office of Public Affairs
(202) 482-4883
publicaffairs@doc.gov
Today, the Department of Commerce’s Bureau of Economic Analysis (BEA) released the fourth quarter and annual gross domestic product (GDP) numbers. The Bureau found that the real gross domestic product increased at an annual rate of 2.1 percent in the fourth quarter and 2.3 percent for all of 2019, continuing to beat expectations.
“Since the beginning of this Administration, critics have predicted doom and gloom for the American economy,” said Commerce Secretary Wilbur Ross. “They were wrong then, and they are wrong now. President Trump continues to unleash incredible growth in the American economy despite the effects of Boeing’s problems with the 737 MAX and the General Motors’ strike. GDP for 2019 is more great news for the American economy and is even better than what today’s numbers show due to those two special factors. Beyond this, Americans continue to experience tremendous increases in employment and wages that prime 2020 for further economic gains. When you add in the benefits of USMCA, the Phase One Deal with China, the two trade deals with Japan, and the re-working of the free trade agreement with South Korea, America is back and competing on the world stage.”
The GDP continues to beat performance predictions before the 2016 election, and there was other good news in the BEA report:
The U.S. has the largest GDP of any country in the world, and it continues to grow at a sustained rate. U.S. GDP reached an all-time high in 2019 of $21.43 trillion.
The growth of the goods GDP rose by an impressive 4.7 percent, while services was at 1.7 percent.
Consumer spending increased by 2.6 percent last year and spending on durable goods surged by 4.7 percent in 2019.
Personal income reached an all-time high of $18.6 trillion, up from $17.8 trillion in 2018.
The personal savings rate increased to 8 percent for the year, with Americans saving $1.31 trillion in 2019, up from $1.21 trillion in 2018.
The long period of massive import surges of goods is finally abating. For the year, imports of goods rose by only 0.2 percent, the lowest yearly increase since 2009.
To view the Gross Domestic Product, Fourth Quarter and Annual 2019 full release click HERE.
Bureaus and Offices
Bureau of Economic Analysis
Leadership
Wilbur Ross

2 Comments

Traditional Marketing Techniques

Traditional Marketing Techniques

Recently, I spoke to two entrepreneurs about possible ways of marketing their business. I sensed from our conversation that they were not fond of online promotion. They were not knowledgeable about online marketing and they were looking for an alternative way to promote their business. Therefore, I did not suggest any digital marketing media such as websites, blogs or social media. My suggestions were time-tested old school techniques.

Get involved with the community by joining the Chamber of Commerce or Rotary. These organizations will help you get connected with the local community. You can participate in charity fundraising events, donate your time and services, or do public speaking engagements that demonstrate your expertise on a particular topic.

Mail/email marketing is a strategy to connect with your customers and prospects. You can use mail/email to send out routine information like appointment reminders, but you can also use mail/email to send out marketing materials like newsletters

Newsletters are a means of keeping your consumers informed. Your newsletter may include news articles related to different topics ranging from industry news to current promotions. Giving out tips is a customer service technique of reassuring customers that you care about their satisfaction, even when they don’t need to come into your office or store.

Attending trade shows and fairs will create brand awareness in the community for your business. This gives potential new customers and suppliers a chance to view your brand. Something as simple as a free sample of your product or service can be a stimulus in creating interest.

Hopefully, you found some of these suggestions helpful.

30 Comments

Email Marketing

Email Marketing

The benefit of email marketing is a cost-effective method of sending your message to your customers or potential customer whose names and email addresses you have amassed. This treasure trove of prospects can be contacted regularly with a monthly newsletter, periodic promotional announcements, and special offers.

Email marketing can create stronger awareness for your business, products and customer relationships.

Top 5 email platform providers

1. Drip Ecommerce CRM (www.drip.com) Drip-powered brands are using E-commerce CRM data and marketing automation to build personalized marketing experiences, drive meaningful engagement, and earn long-term customer loyalty.

2. Mailchimp (www.mailchimp.com) Bring your audience data, marketing channels, and insights together so you can reach your goals faster. With Mailchimp, you can promote your business across email, social, landing pages, postcards, and more — all from a single platform.

3. Salesforce Marketing Cloud (www.salesforce.com ) Reach individual customers through hundreds of features to help you create tailored, relevant content — from basic email marketing tools to sophisticated cross-channel campaign functionality.

4. Campaign Monitor (www.campaignmonitor.com) Create beautifully branded campaigns with this simple email builder.
Editors can spend more time doing what they do best—engaging people through email. It’s all the builder you need and then some.

5. SendInBlue (www.sendinblue.com) Promote your brand and grow your business with beautifully designed emails

12 Comments

Social Media Advertising vs Traditional Advertising

Social Media Advertising vs Traditional Advertising

Advertising media in America had its inception almost three hundred years ago when Benjamin Franklin published the Pennsylvania Gazette which included print advertising. In 1922 WEAF NY offered ten minutes broadcast radio time for $100.00. In the late 1940s television was the new addition. About a decade ago we saw the emergence of a new medium online marketing.

I’ve read many articles online extolling the superiority of social media marketing over traditional advertising. There are strengths and benefits to each form of advertising. The one major benefit to small business owners is the low cost and flexibility of social media. Choose a comprehensive strategy that works for you.
When creating ad copy there are certain elements that are basic to different forms of advertising media whether using print advertising, direct mail, email or an online landing page. The fundamentals remain the same.

1. Make the offer, give the prospect a reason to learn more about the product or service.
2. The headline explaining the key benefit or offer you are making.
3. Include an image, one or two striking pictures that illustrate the offer.
4. The body of the ad includes details about the offer, details about the store or product and any other information you want to highlight.
5. A call to action. Set a time limit, clear and concise instructions for what the readers should do.
6. Include contact information with the logo.

Please leave comments on topics would be interested in reading.

1 Comment

Social Media Marketing for Small Business

Social Media Marketing for Small Business

Modern advertising has traditionally been the domain of print, broadcast and direct mail media. These forms of advertising have required large financial expenditures that were out of reach for most small businesses. Print promotions required an advertising agency to create artwork, and write copy adding to the cost of the ad. Television advertising requires scriptwriters, artists, film crews and other support personnel again, a major expense.

The internet has ushered in a new dawn with the advent of social media marketing which has no financial expense, just the cost of your time. This democratization of advertising and sales promotion had given small businesses the ability to reach a large audience. Software to create graphics, photos and video are available at very reasonable prices. An example is an ad created by my former students who were marketing management majors at Penn State. They had limited experience with camcorders, editing software, and scriptwriting, but they created a commercial for a small business.
https://www.dropbox.com/s/6aaptd5ean0x5i8/Our%20Family%20Cafe.mp4?dl=0
With some effort, you can do the same.

Here is a list of the top social media marketing sites.
1. Facebook (www.facebook.com) Best for B2C (business to consumer)
2. Twitter (www.twitter.com)
3. LinkedIn (www.linkedin.com) Best for B2B (business to business)
4. Instagram (www.instagram.com) Best for selling visually-oriented products.
5. Pinterest (www.pinterest.com) An image curation website
6. Youtube (www.youtube.com) video-hosting website
7. Yelp (www.yelp.com) Crowd-sourced review forum
8. MailChimp (www.mailchimp.com) email marketing service

11 Comments

Buy a Business or Start a Business

Should You Buy a Business or Start a Business

The big dilemma most entrepreneurs face when deciding to go into a business is the decision to buy an existing business or start a new venture. There are pros and cons to both which we will discuss in this article.

If you have limited financial resources starting a home-based service business may be your best choice. The upside to this type of start-up is low overhead, and tax deductions for using a portion of your home and vehicle. Beware, home-based businesses are scrutinized by the IRS.

When starting a new business you will need a comprehensive business plan to guide this venture in the early stages.
A new business requires a real estate location, developing a supplier network and intense marketing to build your customer base. Since your new business has no performance record, it stands to reason that financing will be difficult. One last caveat, 50% of new businesses fail within five years.

If you’re serious about going into business and you have the financial resources your best strategy is buying an existing business. The advantages to buying an existing business are financial records that you can check before making the purchase. Established supplier alliances, a customer base, a physical location, and most important a company identity. Buying an established business is your best bet for success.