“Myths” and “urban legends” persist in the public’s perception despite their obvious misinformation. This is true in the small business arena as well as in other facets of life.
These myths have a negative impact on small business success because legends can reinforce or encourage bad decisions by aspiring entrepreneurs and small business owners - decisions that can be critical and sometimes fatal to the establishment or growth of the businesses. The myth-list is a long list, but these eight are the most common.
Myth #1: “I don’t need a written business plan - I have everything in my head.”
Reality check: For any new small business to enter the marketplace, the owners need a detailed business plan which lays out their target market, funding, organization, and anticipated revenue flow. A sound business plan is mandatory if the business is seeking a business loan or status as an 8(a) socially or economically disadvantaged company with the SBA. In addition, it prevents business owners from failing to accurately predict revenue, cash flow, and other critical items needed to survive.
It is human nature to be optimistic - it is much easier to be optimistic if the data is only in our minds. Sometimes ideas that seem great in concept present an entirely different picture when put down on paper.
The Minority Business Development Agency (MBDA), a job-creating agency, leads Federal efforts to promote the growth and global competitiveness of America’s minority business community. This summary includes a small portion of our overall accomplishments during the first three years of the Obama Administration.
For minority business owners interested in exporting their goods and services and eager to make contacts with markets overseas, but unable to travel, reverse trade missions provide unique opportunities to foster business relationships and build long-lasting partnerships between U.S. businesses and our overseas partners.
When Muhammad Ali, the legendary world heavyweight boxing champion, was asked by reporters why he kept boasting about being the greatest in the ring, he used to say, “It isn’t bragging if you can back it up.”
The MBDA FY2011 Annual Performance Report (APR) backs up what we’ve been saying about MBDA’s achievements under President Obama. In 2011, we registered the best performance in our 43-year history. It was our third record-breaking year in a row.
With an economy that’s struggling, every small business owner is looking for ways to increase profits, save money and improve efficiency.
The good news is there are plenty of ideas that you can find in books and articles. But rather than cover the obvious ones, in today’s tough economy you need new and creative ways to save.
Consider the following ten cost-saving ideas for your small business:
You can lower storage costs, printing costs and improve overall efficiency by running a paperless office. By scanning documents you can send and share information effortlessly saving your business time and money.