SBA Introduces Two New Online Finance Courses for Small Business Owners

U.S. Small Business Administration

– News Release –

WASHINGTON ─ The U.S. Small Business Administration has introduced two new free online finance courses to help small business owners with the basic principles of finance and borrowing. 

The new self-paced courses, Finance Primer: Guide to SBA’s Loan Guaranty Programs at  http://app1.sba.gov/sbtn/registration/index.cfm?CourseId=29 and How to Prepare a Loan Package at http://app1.sba.gov/sbtn/registration/index.cfm?CourseId=28, walk business owners through steps that answer questions about what debt financing is, what loan programs are available, what small businesses should know about borrowing money, how to prepare a loan package and how loan requests are
reviewed by lenders.

“It is important for the SBA to provide information tools to help our nation’s entrepreneurs who desire the personal freedom and economic independence that can come with business ownership,” said SBA Acting Administrator Jovita Carranza.

The Finance Primer gives an overview of the SBA’s loan guaranty programs to help small businesses understand the variety of financial resources, including those from the SBA.  The finance courses can help entrepreneurs avoid some of the common mistakes made such as securing the wrong type of financing, miscalculating the amount of financing required, and underestimating the cost of borrowing money.

The Loan Package course includes small business links to related information, and refers course participants for direct support in preparing a loan request to appropriate resources that include SBA’s district offices, SBA resource partners and lenders. 

Course participants who complete the 30-minute online training programs can earn a certificate of completion from the SBA, with their name, date and course title. 

The new finance courses have been added to a menu of more than 26 online tutorials offered by the SBA.  On a typical day, 800 to 2,000 customers register for free online courses offered by the SBA through its virtual training campus at the Small Business Training Network (SBTN) (www.sba.gov/training).

New Tax Resource Center for Small Businesses

The Small Business Administration has developed a new resource center which connects entrepreneurs with tax management tools and strategies.   The new Economic Stimulus Package for small businesses is listed along with the depreciation calculator, which provides and estimate of the first year depreciation available under the provisions of the Stimulus Package.

Building Customer Relationships

 One of the most important ways of promoting your business is through your current client base.  To do this, you have to have a strong customer relationship.  Your customers have to feel that not only do they want to continue to use your services, but that their friends and contacts would be better served to use your services.

So how do you get that kind of loyalty?  It really isn’t that difficult.  The most important thing, of course, is to provide the best service in a timely fashion.  Small businesses are on limited budgets and strict deadlines.  To help them, you have to work within their time constraints.  If you promise something on Monday and don’t get it to them until Wednesday, you have just lost a customer.  Be realistic in your time estimations.  If you can’t possibly get it completed in the time frame they are requesting, be up front about it.  They are more likely to understand and be able to adjust their schedule as well.

Another important thing to build the customer relationship is to reply to phone calls and emails quickly.  When a customer emails you with a question, they don’t want to wait 2 days for an answer.  If they can email someone else and get the answer right away, guess what, they just moved to another company.  Same with phone calls.  I understand that sometimes you can’t get to the phone right away, you may be on the other line, but as soon as you get their message, call back.  As we are talking about other business owners, think about their time.  They would not be calling you, unless they thought it was important. 

When answering questions or discussing services, keep it professional but friendly.  Never let the customer hear that you are having a bad day.  People, in general, like being around happy people.  Think about it, when you ask someone, “How are you today?”, if they start telling you about how bad their head hurts, or that their car broke down, or whatever, that detracts from what you want to talk about, business.  It makes you feel bad and not want to add any more stress to their life.  You want to get off that phone, quick.  This is not to say that you can’t be personal with them, just keep it upbeat.  Customers like to feel that they are important to you and that you really like them.  You can small talk about pleasant things, but remember, time is money, and you want to get back to the point of the call as quickly as possible.

I know this sounds corney, but it is true:  Answer the phone with a smile.  It really does come through the phone lines.  I don’t know why, maybe you sound different because of the smile, but it can be heard.

When you do these things, your customers remember you, and if someone mentions to them that they are looking for something that you offer, guess what?  You will be the first name that comes up, and what they will say is that you are professional, great to work with, and that you know your stuff.

You don’t have to be the best, you just have to be the best at customer service.

Senate Approves $101 Million Budget Increase for Small Business Programs

WASHINGTON, June 4 /PRNewswire-USNewswire/

Today the Senate passed a Budget Resolution that supports $101 million in additional funding for small business programs that will benefit America’s entrepreneurs. Senators John Kerry (D-Mass.) and Olympia J. Snowe (R-Maine), the Chairman and Ranking Member of the Senate Committee on Small Business and  Entrepreneurship, worked with the leaders of the Budget Committee to secure the budget increase for the Small Business Administration (SBA), which adds $101 million over the President’s request for 2009.

The budget blueprint provides increased funding for Small Business Development Centers, Women’s Business Centers, microloans, contracting assistance, veterans outreach programs, and technical assistance programs, and increases loan oversight while reducing oversight fees paid by lenders.

    “We’re working to create jobs and steer our economy out of this slowdown,” said Senator Kerry. “The best way to do that is by investing in small businesses, which create more than two-thirds of all jobs and employ over half of our workforce. For the second year in a row, the Democratic-led Congress has acted to reverse the Bush Administration’s drastic cuts to small business programs. This budget shows our commitment to expanding the reach of small business financing programs, increasing the number of small businesses that can get business training, and unbundling contracts so small firms have a fair shot at doing business with the federal government.”

    “I am so pleased that the Senate today approved a budget resolution that includes a long-overdue funding increase for the Small Business Administration,” said Senator Snowe. “It is critical that the
Appropriations Committee and full Senate act expeditiously to approve the funding included in the budget blueprint in forthcoming spending bills.  Given that we are currently experiencing sluggish growth and that small businesses are the backbone of our nation’s economy, creating 60 to 80 percent of all new jobs, it is absolutely vital that Congress provide small enterprises with the access to capital and counseling services they require to compete in the global marketplace.”

For the programs that are affected, please see full article

 

Administrative Help is Critical to Growing Business

According to the Small Business Administration (SBA) the small business owner spends at least 40% of their time on the routine administration duties.  Some have found that they are spending up to 60% of their valuable time on the unproductive and time consuming busy work.Ideally the small business owner should be focusing 80% of their energy on on creating and growing.  They should be spending their time on planning, strategizing, creating and delivering the product or service.

Okay, so we know the business owner needs an assistant.  According to Salary.com, the cost of an executive assistant, with bonus and benefits is $70,000 plus.  That is not including the overhead of equipment and programs, etc.

So this is why I have developed Invisible Helper.  I have worked with the small business owner for several years and want to see them grow.  Their vision is my inspiration.  I am here to assist when and where needed so that you, as the business owner, can concentrate on your dream.

 

 

 

Why Can’t I get Customers?

Many small business owners have this problem.  Is it because there aren’t enough customers out there?  Is it because what they are offering isn’t what people are looking for?  Is it because their product or service is substandard?  The answer to all of these questions are a resounding “No”. 

Don’t get discouraged as a small business owner.  Get simplified.  Most of the entrepreneurs, that are having problems bringing in clients, are so diverse in what they do that they cannot state in one sentence what their business is about.

In the research that I have done, most successful businesses started out offering a very limited product or service.  Pick what you know and give it your all.  Choose your passion.  If you choose your passion, it is easy to explain to others what you do or sell and show them the value. 

Once you get the base, and you are comfortable, then you can start bringing in services or products that your clients are asking about.  But the first thing to do is specialize in one thing and make it unforgettable.