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The State of Small Business: A Q&A with the SBA Administrator
Rieva Lesonsky sat down with Linda McMahon, Administrator of the Small Business Administration, to discuss the State of the U.S. small business economy.
Episode 4: The Five C’s of Credit
Looking to apply for a loan to start your small business? Remember to consider the five C’s of credit that banks look for in your loan application. Listen to the latest episode of “The Heartbeat of Main Street,” to learn more.
How Local Businesses Succeed on Facebook and How You Can Too
Facebook can be a powerful for local businesses to attract a very specific demographic. There are many simple and effective ways you can optimize your presence on Facebook that don’t take a ton of time or budget. Explore a variety of Facebook marketing best practices for local businesses – read more from Mari Smith.
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Aspiring e-commerce business owners often find it difficult to choose the best platform for building their e-commerce. There are dozens of different options with different features. Therefore, what… (Show moreShow less)
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Hi, I'm new to this site and I want to introduce myself - I'm the owner of a mobile app development company. I want to grow my business and also I need some useful tips on how to do that.
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In April, our experts on our Bank of America Small Business Team released a Spring Small Business Owner report which explored a range of topics important to the constantly evolving small business landscape. In case you missed this...
In April, our experts on our Bank of America Small Business Team released a Spring Small Business Owner report which explored a range of topics important to the constantly evolving small business landscape. In case you missed this informative report and analysis of the insights of a variety of small business owners, you can read it here. - Spring 2018 Small Business Owner Report,
You may be wondering, what is the state of the U.S. small business economy these days? One of our small business experts, Rieva Lesonsky, put that question, and many others, to Linda McMahon, the administrator of the Small Business Administration (SBA) last month, You'll want to be sure to check out The State of Small Business: A Q&A with the SBA Administrator to see what the perspective is today, as well as find numerous links to resources that any small business entrepreneur will find useful.
Let us know your thoughts. Are you optimistic about your small business for the remainder of 2018? We'd love to hear from you!
Cheers,
-Rebecca
What is personal branding?? And how does personal branding give you a career advantage??
What is personal branding?? And how does personal branding give you a career advantage??
Has your business been successful enough that you've hired employees? How are things going since taking that step? Has your business continued to grow? Are your employees all on the same page with the way you see the future growth of your...
Has your business been successful enough that you've hired employees? How are things going since taking that step? Has your business continued to grow? Are your employees all on the same page with the way you see the future growth of your business? Once employees become a part of the equation, it's particularly important to stay in touch with your team and make sure everyone understands and shares the overall philosophy.
Expert Ebong Eka provides some great tips to keep in mind when developing your management strategy in order to have the happiest and most successful team in your field.
To Increase Small Business Revenues, Try these 5 Leadership Tips
Enjoy! And as always, feel free to share your thoughts either on this page or in the comments section on the article itself.
--Lisa
I thought I'd share one of my old blog posts that people seem to like. Please feel free to add your own tips in the comments! A large part of entrepreneurial success comes from perseverance: the ability to tirelessly grind it out, day after...
I thought I'd share one of my old blog posts that people seem to like. Please feel free to add your own tips in the comments!
A large part of entrepreneurial success comes from perseverance: the ability to tirelessly grind it out, day after day. But if you aren’t in great physical and mental shape, that’s a recipe for burnout.
Pushing your body and mind for peak performance without adequate exercise, nutrition, and rest is like flying an airplane without performing regular maintenance.
A lot of people reason that they’re simply too busy to take care of themselves the way they know they should. “I’ll start in six months when the business is up and running,” they say. Six months later, they’re as busy as ever, and it keeps getting pushed off.
I know. That describes me during most of my 20’s and 30’s.
By the time I hit my late 30’s, as I labored to bootstrap Cayenne Consulting, I realized that it was finally time to break some old habits and live a healthier lifestyle if I wanted to be able to handle the demands of entrepreneurship.
I’d like to share a few tips that I personally found to be helpful. I know that everybody is different, so what worked for me may not work for you, but if I can help just one entrepreneur be just a little more successful, that’s enough for me.
With that, here are my tips:
- Make a Decision. I went through a lot of soul-searching and decided that personal wellness was going to be a real, lifelong priority, rather than some abstract goal that I understood without embracing. Until I made that decision, my previous attempts at getting fit were no more meaningful than most people’s New Year resolutions.
- Know What You’re Doing. Living a healthy lifestyle is so much easier if you know what you’re doing. Subscribing to Men's Health magazine was a great start for me. I try to read a little about fitness, health, nutrition, and medicine every week. I also try to be aware of the nutritional content of what I’m consuming, both at home and at restaurants. I still occasionally eat foods with saturated fats, for example, but I do so in moderation because I’m aware of the effects the food is having on my body. Knowing what I’m doing allows me to make better choices and avoid fad diets.
- Start Gradually. If you try to do everything at once, you’re setting yourself up for failure. All it takes is a small setback–bad weather, a minor injury, or Thanksgiving–to bring everything to a grinding halt. Make a series of small, manageable lifestyle changes. Start with the easy ones. Once you’ve scored some small accomplishments, the larger changes will seem more achievable.
- Make it a Habit. Being active doesn’t mean hitting the gym every day. It means taking the stairs instead of the elevator, turning up the radio and dancing, or finally getting around to organizing that garage. And eating well doesn’t mean counting every calorie. It means ordering the small fries instead of the super-size, choosing complex carbs over simple carbs, and ordering wisely when eating out.
- Avoid Shortcuts. Most of the diet and exercise programs sold on TV are designed to do one thing: to clear your wallet of excess cash. The ones that actually work fundamentally boil down to a sensible diet and exercise. There is no magic pill; there is no machine that will give you a thorough workout in five minutes twice a week. Don’t buy into the false hope – you don’t need them to live a healthy life.
- Associate With the Right People. If you hang out with friends who sit around smoking, drinking, and eating chicken wings, guess what you’re going to do? If your friends aren’t going to change (and they probably won’t), then maybe it’s time for you to change friends. A good, supportive, and sometimes competitive support network can do wonders for helping you implement and stick with major lifestyle changes. It’s difficult–even traumatic–to disrupt your social network, but you need to think about what’s best for yourself in the long run.
- Mix it Up. It’s a good idea to combine stretching, aerobic exercise, and strength training. It’s also good to find a mix within these categories to prevent boredom and overuse injuries. On the aerobic side, I like to alternate among trail running, mountain biking, climbing, using the elliptical machine, plyometrics, and martial arts. Having many activities to choose from ensures that I always have something interesting to do that will suit my mood, the weather, and the amount of time available. For strength training, I really like the P90X workouts because you only need a chin up bar and a variety of dumbbells.
- Multitask. When I’m out for a long run or bike ride, I sometimes use the time to think through a difficult problem or to brainstorm ideas for a project. This way, I don’t feel too guilty if I take time out of a busy day to burn some calories.
- Make it Fun. I don’t do things that I don’t enjoy, at least not for very long. When I first started running, I didn’t care for it very much. It’s amazing what a good running tempo on the iPod does for me. I keep a log of my workouts so that I can see how I’m progressing from one day to the next. When running or biking, it’s fun to wear a Garmin Forerunner 305 heart rate monitor. It has a built-in GPS and altimeter, so you can see how hills affect your pulse and your pace. You can even export and overlay the 305’s data to Google Earth so that you can see your workouts in 3-D. You can also upload your workouts to Endomondo.com that you can track workouts over time or compare your progress with friends around the world.
- Get a Body Composition Analyzer. These electronic scales, some costing less than $50, that estimate body fat percentage, bone mass, metabolic age, and other factors (which are calibrated based on your age, gender, and activity level). It’s fun to see your body fat percentage fall, or to see that your metabolic age is a few decades lower than your actual age.
- Push (But Know) Your Limits. You get the greatest benefit when you challenge yourself. Once something becomes easy, find a way to increase your intensity. I’m not going to tell you to “talk to your doctor before starting an exercise program” because I assume you’re smart enough to avoid doing something that’s going to kill you. If you follow some of the tips above, namely Start Gradually and Know What You’re Doing, you should be okay.
- Quit Smoking. I smoked for over 15 years, sometimes more than two packs a day. It’s incredibly addictive. I tried to quit every few months, using everything from hypnosis to the nicotine patch, but nothing seemed to work. Not even my father’s death from lung cancer was enough to make me quit. I just wasn’t “mentally in the right place” to quit yet. That’s why Deciding–the very first tip listed–is so important. I finally managed to quit in 2005, and it was probably the single best thing I could have done for myself.
I’ve made some profound changes over the past five years, and as a result, I have more energy, better endurance, and sharper focus. I’m also sure that I’ve added a few decades to my expected lifespan. As an entrepreneur, this means that I’ve given myself a better chance at achieving success, and a better chance at enjoying the rewards in my later years.
Is this a familiar situation to you? You perform the service you provide with exquisite attention to detail to set yourself apart from the crowd. This level of detail takes time and a special level of skill, making it hard to teach someone else to...
Is this a familiar situation to you? You perform the service you provide with exquisite attention to detail to set yourself apart from the crowd. This level of detail takes time and a special level of skill, making it hard to teach someone else to replicate your results. Soon, it's easy to end up feeling overwhelmed by the very things that set you apart and cause an increase in demand. Now what?
Carol Roth provides some insight and advice in her latest article, Why Creativity Can Be a Curse for Entrepreneurs.
Enjoy!
--Lisa
Did everyone have a safe and happy Fourth of July? It's almost time to get back to work for the stretch between here and Labor Day. Are you ready to get back to work, or did you plan an extended vacation around the holiday? Be well, no...
Did everyone have a safe and happy Fourth of July? It's almost time to get back to work for the stretch between here and Labor Day. Are you ready to get back to work, or did you plan an extended vacation around the holiday?
Be well, no matter how you're spending these hot summer days.
--Lisa
Hope you're enjoying the end of summer. With fall approaching, thoughts often turn to dreams of new careers ... and moving to new dream careers. The truth is, your current job might be the ladder helping your move to your next career...if you can...
Hope you're enjoying the end of summer. With fall approaching, thoughts often turn to dreams of new careers ... and moving to new dream careers.
The truth is, your current job might be the ladder helping your move to your next career...if you can find a way to work around it.
Keep your Business Plan up to date.
LUCKIEST
Do you check your Profit & Loss Statement (P&L) regularly? Do you know why you should? Any idea what a P&L actually even is? Here's an article from Small Business Expert Steve Strauss with answers to some of those questions and more,. ...
Do you check your Profit & Loss Statement (P&L) regularly? Do you know why you should? Any idea what a P&L actually even is? Here's an article from Small Business Expert Steve Strauss with answers to some of those questions and more,.
How to Understand – and Use – a Profit & Loss Statement
Enjoy!
--Lisa
How do you demonstrate your expertise as a consultant or coach? How do you show you've really got the goods? Actually, the most effective way to communicate expertise is by crafting a success story. Good luck
How do you demonstrate your expertise as a consultant or coach?
How do you show you've really got the goods?
Actually, the most effective way to communicate expertise is by crafting a success story.
Good luck
If you're a small business owner, or thinking of starting a small business, you won't want to miss this informative series of podcasts from small business owners, experts and advocates on a variety of issues affecting small business owners. ...
If you're a small business owner, or thinking of starting a small business, you won't want to miss this informative series of podcasts from small business owners, experts and advocates on a variety of issues affecting small business owners.
The newest addition to our resources is a new podcast series is The Heartbeat of Main Street, brought to you by Bank of America and ForbesBooks. The Heartbeat of Main Street delivers timely insights tailored to the needs of small business owners and entrepreneurs. Featuring a rotating line-up of small business experts and industry leaders – and covering a range of topics – each episode explores the trends that have an impact on revenue creation for small business owners.
These podcasts can be accessed through a dedicated home page. New episodes will appear frequently on the Small Business Community. Be sure to check back often, so you don't miss a beat!
We'd love to hear your feedback on these podcasts, and hope you find them helpful!
Cheers,
-Rebecca
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How do you take an after-work hobby and capitalize on it to create an empire? This week’s podcast episode details how one man did exactly that, board by board. Listen to valuable advice for hopeful entrepreneurs from Brandon Greba,...
How do you take an after-work hobby and capitalize on it to create an empire? This week’s podcast episode details how one man did exactly that, board by board.
Listen to valuable advice for hopeful entrepreneurs from Brandon Greba, founder of West Georgia Cornhole.
Brandon Greba: We started in 2009, and from there I was doing it as a hobby. So, up until July of 2013, finally I just made the leap of faith, and I quit my good corporate job. And I was excelling, I was at the top of my team, and I was making decent money at it, and stuff. On the other side of that, I come from a long line of entrepreneurs, and it was instilled in me at a young age ... my dad owned his own business, so it was instilled that, hey, you're going to own your own business one day.
Narrator: Welcome to “The Heartbeat of Main Street” with ForbesBooks at forbesbooks.com, and Bank of America at bankofamerica.com.
Gregg Stebben: I’m here with Brandon Greba, he is the owner of West Georgia Cornhole. Their website is westgeorgiacornhole.com, also well worth checking out on Twitter, wgcornhole, on Facebook, West Georgia Cornhole and Instagram, which we are going to talk about because, Brandon, I have heard you are a marketing whiz, or you and your team are when it comes to Instagram. That's West-Georgia-Cornhole.
Brandon, thanks for joining us and I have to start by asking what may seem like a really obvious question to you, but I'm not sure everybody in the United States or in the world knows what cornhole is. So give us a real quick rundown of how the game is played.
Brandon Greba: Yeah. Well, thanks guys, for having me on first off. It's a privilege to be in this position so definitely appreciate that. So, yeah. Cornhole is a game that is primarily played at an outdoor event, tailgates, family functions, but over the past three or four years it's really gained in popularity as far competition-wise. It started as a backyard game and now it's kind of turned into big money where you can actually win some prize money and things.
Gregg Stebben: There are pro cornhole players?
Brandon Greba: Oh yeah. Yeah. I mean it's on ESPN now.
Gregg Stebben: Then it's hard to top that, right? That's pretty much pinnacle.
Brandon Greba: Yeah. Yeah. Exactly, but you know, the premise of it is you have eight bean bags. You usually play against another opponent and you have two boards that are spread out 27 feet apart. The boards themselves are two foot by four foot and they've got a six-inch hole towards the top. So, similar to horseshoes. You can transport it very well and then you throw the beanbags and try to get it in the hole. So, one bean bag on the board is one point, and one bean bag on the hole is three points. So you just kind of go back and forth playing your opponent until you get to 21, typically. First to 21 wins, so it's pretty simple in kind of theory but as you get more involved in it, there's a lot of strategy and competition involved.
Gregg Stebben: And of course, we should point out that a big difference between cornhole and horseshoes is in horseshoes usually you're driving a stake into the ground or the sand or something and throwing them. Here, there's a board and that board ends up being really important in this conversation because that's really what your company does—you make cornhole boards, correct?
Brandon Greba: Yep. Yep. So, absolutely. So we can get as basic as just a plain board, natural wood, spray some poly on it, to getting very elaborate, doing corporate logos, sponsors, teams, and things like that. So, it's kind of all up to the customer, the end customer, the company that we're dealing with but that's what makes it cool, so everyone is unique.
Gregg Stebben: So, are your customers a combination of just regular folks like us who want to play in the backyard or with friends, all the way up to corporate? And I could even imagine ... I mean I think I've seen cornhole boards with team logos on them. Pro teams, college teams, things like that?
Brandon Greba: Yeah. So, absolutely. We have an online retail site so anybody off the street can go on there, log on and customize a board and then that goes straight to us and then usually within two weeks, we'll have it delivered to your doorstep, so that's the process and then we have larger bulk orders that we do for corporations, for promotional events, giveaways, things like that. So, definitely, two good markets that we're in.
Gregg Stebben: Help me understand how you got into the business of building cornhole boards. I'm talking with Brandon Greba. He's the owner of West Georgia Cornhole at westgeorgiacornhole.com. You can check him out on social media too, wgcornhole on Twitter, West Georgia Cornhole on Facebook, and on Instagram, West-Georgia-Cornhole. How did you get into this business?
Brandon Greba: Yeah. So, I've always kind of been a hands-on guy, liking to build things. So, really it started probably around 2008, 2009. One of my friends asked me to build a cornhole set for their parents for Christmas, so I went ahead and did it, made a nice set. She presented it to her parents for Christmas. They loved it, fell in love with it. They told some of their friends, "Hey where'd you get this?" You know, mentioned my name, so really from that point on, it was word of mouth. I was working out of my garage and had a corporate full-time job, trying to manage that and orders started flowing in, started picking up, word of mouth.
I would make some local classified posts, kind of starting real small and then things really just escalated. Cornhole was getting popular. We were making a product. Or at that time I was making a good product, and it just really scaled from there. You know we started in 2009, and from there I was doing it as a hobby, so up until July of 2013. I finally just made the leap of faith and I quit my good, corporate job that I was excelling in.
Gregg Stebben: What was your good corporate job?
Brandon Greba: I was working for a company called Fastenal. It's a rather large industrial supply company, so I was a project manager for them at that time.
Gregg Stebben: So, you were at a place where you had to make a tough choice, or maybe it was an easy choice.
Brandon Greba: Oh yeah. It was tough because I was in a position with my job and I was excelling. I was the top of my team and I was making decent money at it and stuff, but on the other side of that, I come from a long line of entrepreneurs and it was instilled in me at a young age and my dad owned his own business. So it was kind of installed that, "Hey, you're going to own your own business one day." So, at that point, it was like, "Okay. I know I can do this. I know I can make money at it." You've got the work ethic to do it, let's do it and then I talked to my boss. He thought I was crazy but it was a long process.
Me and my wife talked about it for six, seven, eight months and just got plans together and made sure the financials worked out and made sure we weren't going crazy doing this thing, you know?
Gregg Stebben: So, when you made that leap around July 2013—so about five years ago—were you still making the boards in your garage? Did you have any employees? Where was the business at that point, and then help us understand what you've built it into today?
Brandon Greba: Yeah. So at that point we were still in my garage and it was considered a hobby at that point.
Gregg Stebben: So, you and Steve Jobs started the same way.
Brandon Greba: Yep. Yep. Two car garage. Yep, out in Georgia. I didn't have any employees. I mean I had some people, some friends, that would lend a hand on the weekend if I was backed up or during the summer I would hire some buddies that were teachers that had the summer off, so kind of that model. And usually the summer is our busier time, so it kind of helped out, you know, them making a little extra money and then helping me out when we were busy. So, but nobody full time at that point so as soon as I ... we formed an LLC and then started July '13
Related Content: Why Your Small Business Should Participate in Facebook or Instagram Live Streaming Events. And Tweet Chats, Too!
A month or two later, I hired a part-timer. He was a work release student in one of the local high schools. So I hired him on. He was going to be graduating later in the spring. So, we kind of mentored him and trained him up so hired him on. And then in ... I guess it was October, November of '13, so a few months later, we moved into a commercial space of about 5000 square feet, so you know, at that point we were able to really expand and spread out, create some more efficiencies and not be so crammed and then really just kind of make the stepping stones of what we needed to do to grow the business to where we wanted it.
That was a big move, getting into a building and out of the garage.
Gregg Stebben: Signing a lease is a big deal.
Brandon Greba: Yep. Yep. Absolutely. So, that was ... You know, we made the move there towards the end of '13 and started ramping up, getting ready for Christmas. Usually Christmas is pretty big and then went full steam at it January, February of 2014 and just kind of started hiring people. I had one part-time employee. He turned into a full-time after he graduated high school. He stuck with me after that for about three to four years, so he was definitely a good hire and kind of got me going as well, so it was a good investment there.
Gregg Stebben: And so how big is your company today?
Brandon Greba: Right now, we actually, two months ago, acquired a new building so we're building. Square foot now, we are about 15, 16 thousand square feet. We have a mixture of part-time, full-time. Right now probably 20 to 22 employees right now, so looking to bring on a few more here before the year is over. I would say by the end of the year maybe 23, 24 employees. Definitely a big uptick in five years, so it's something to be very proud of.
Gregg Stebben: So, I have to ask. Do you have a sense of how big the cornhole market is?
Brandon Greba: The cornhole market ... We've got a few competitors of mine that are out there, but the market's kind of really split because you've got these garage hobby builders, like I came out of. So from the garagers ... There's still a lot of those guys out there that are doing that across the country. But we kind of estimate the cornhole yard game market. Because we do a little bit more than just cornhole. We do a lot of other yard games as well. So, we anticipate the yard game market anywhere between 20 and 40 million dollars a year.
Gregg Stebben: I have heard that you have done very well, very, very well, using Instagram as a marketing tool. Can you talk to us about things you tried in the beginning? What worked, what didn't, and what you're doing today?
Related Content: 5 Ideas to Use Instagram Stories to Drive Small Business Growth
Brandon Greba: Yeah. So, you know, we use social media is huge for us. You know we use it as a way to connect to our followers and not just followers, but potential buyers. And a lot of people out there will try to push product down people's throats on social media. We kind of take a different angle, you know. We want to just engage with those people. You know, we want to get them to know our business and then hopefully, at that point we have an emotional connection with them and then they make the sale. They want to be connected with company in the sale.
It's just not some random cornhole board off an internet site. We want to let them know how the process is, behind-the-scenes pictures, kind of stuff like that. It's important to put a face behind the product, really. That's kind what we really like to do with it. And then Instagram and Facebook is an easy way to do that.
Gregg Stebben: Yes. And so, has that ... First of all, are you the one who's managing your social media and whether you're the one doing it today or not, were you doing it in the beginning?
Related Content: The Small Business Owner's Guide to Social Media
Brandon Greba: Yeah. I handle a lot of it now still. I have a little help from one of my other guys but it's you know, it's probably about 50-50 between both of us as far promotion we're going to do on there or any type of ad spend or anything like that or pictures or what not we're going to put on. But yeah, in the beginning it was all me. Everything really, was all me in the beginning, you know until…
Gregg Stebben: It's the nature of being an entrepreneur.
Brandon Greba: Oh yeah. Yeah. And until you realize, "Hey. I can't do all this anymore." Then you start hiring people, so hiring good people that can do the job that you used to do. So, that was a big thing too.
Gregg Stebben: When you started the company in 2013, were you already a big social media user? Or did you have to learn the rules of the game around the time you launched or started to use it for your own company?
Brandon Greba: I wouldn't say I was good. I was probably average, you know. Just being young, knowing that kind of stuff is an advantage and then it starts changing every day. You know, the aspect of the new sites that are out there and how people interact an all the hashtags, the algorithm, all the hot stuff behind the scenes. All that stuff's changing every day. You know, you got to kind of stay on top of it. We have some outside help that kind of helps us with some of the guidance on that stuff. But yeah, it's all learning. Every day is change. You got to learn new things every week.
Gregg Stebben: How would you categorize the importance of social media in the marketing of your company? Is it your main thing or is it part of a larger mix?
Brandon Greba: I wouldn't say it's everything but it is a lot. It's a big nest, but you don't want to put all your eggs in that basket.
Gregg Stebben: Yes. Yes. Well, I'm imagining that if you're in what you call the backyard game industry, that there's a lot of other ways to connect with fans, and friends, and customers. Events, leagues, celebrity clients ... Do you see yourself doing things like that?
Brandon Greba: We host tournaments. We have a weekly league that we host in our local city. You know we are for hire for different corporate events or tournaments that people want to point on. At that point, you know, people are actually playing on our boards. They get the chance to talk with us, interact with us, play with our product so it's a good way to get people to actually use our stuff before the buy it and then they can ask us how to purchase these things at that point. So, it's just another avenue. You know, another avenue as far celebrity clients ... We'll occasionally get clients that will purchase some of our cornhole boards.
At that point it's pretty cool. You know, we try to jump on it, try to leverage that as far as making posts or what not or trying to get them to take pictures with the product and tagging us. It is pretty cool and if there is a potential buyer that sees that they're going be like, "Wow. Okay. You made this so and so." For us it's just another way to go to market there.
Gregg Stebben: I'm talking with Brandon Greba. He's the owner of West Georgia Cornhole. It's westgeorgiacornhole.com. If you're needing a board, that's the place to go. On Twitter, wgcornhole. Facebook, West Georgia Cornhole, and on Instagram, West - Georgia-Cornhole.
Brandon, I noticed on your website that you are actually doing a lot of work for big name, big brand companies like Coca-Cola and American Express, Adobe, Google Fiber. Tell us about how you got started in the corporate market.
Brandon Greba: Yeah. So the corporate market has really come on, probably in the past two to three years. So, that's a totally different ball game as far as going to bat with those guys but we just reach out to them. We try to make some calls. A lot of times they're finding us on Google searches, sending us emails that way. But it's just, when you get those emails, you get those inquiries, you know we try to jump on them, take extreme care of them. We try to take care of everybody but really focusing and making those relationships work.
And then a lot of times, it's reoccurring purchases that they're doing. You know, they have events throughout the year, do promotions or giveaways. So we just want to make sure that they are 100% taken care of. It turns out to be an ongoing relationship that we have with them.
Gregg Stebben: Which is a beautiful, beautiful, thing. I want to ask you two other things, Brandon. One is, now that you've built this company up, essentially in about 10 years, right ... 2008 or 2009 ... you're 10 years in. You've grown. You're having a remarkable success. Where do you see yourself and the company in five years, 10 years?
Brandon Greba: Yeah. So, I'm always ... one of my things is I always dream big. You know, set big goals, obtains those goals and then once you do that, set even bigger goals after that. So, in five years, I would be like to be doing close to $10 million in sales, be looking for a bigger building at that point, outgrow this building. I want to have probably 30 to 40 employees, so double the employee base. So those are just some of the five-year goals. After that it's probably the 10 years goals. After 10 years I want to be at the point I'm letting this ... this thing is smooth sailing. I'm looking into possibly purchasing other business or building another business kind of similar that can complement this. You know, that's where we're at.
Gregg Stebben: Sounds like a great goal. The last thing I want to ask you because of the success you've built in the last 10 years is, when you think back to those early days, and then in your mind kind of fast forward to today ... Has there been one or two of the most valuable lessons you've learned about owning, starting, or running a business that you wish everyone knew?
Brandon Greba: Yeah. I've got quite a bit of them. Yeah. I guess one of the biggest things, you know ... Don't let anybody tell you, you can't do it. When I started off, "Oh. What are you doing, man? You're crazy. Why are you quitting this job, doing this?" Don't let anybody say you can't do it. There's always going to be naysayers and stuff out there, so put that aside and then five, 10 years down the road, say, "Well, look what I've done." Don't let anybody put you down. Don't let anybody say it can't be done. I said it before. Dream big, set big goals. Obtain those goals and then set new ones, really.
And a big one too is, it's not all peachy and peachy as a way it's going to be you know. There are going to be rough times. Everybody thinks owning your own business, "Oh, man. You own your own business. That's awesome." It's got its bad days just like anybody else. Those bad days are bad.
Gregg Stebben: Well, for you, and for your company ... For West Georgia Cornhole, what's a bad day look like?
Brandon Greba: You know, you may lose a sale, you may lose a customer, you may lose a bigger customer. You know may have some machinery that goes down. You're going to have to jump on that, spend money on that. You may have some employees that on a big day you needed them to be here, they didn't show up, something happened. So, there's always crazy things like that. It's never all ups. But with those rough times, you know, learn from those mistakes and what happened in those rough times and how you can avoid them in the future. You got to do that.
Gregg Stebben: In other words, when things are tough, make sure you learn from them so you don't repeat the same mistakes.
Brandon Greba: Exactly.
Gregg Stebben: Brandon, thanks for joining us. He's Brandon Greba. He's the owner of West Georgia Cornhole. Westgeorgiacornhole.com. On Twitter, @wgcornhole. On Facebook, at West Georgia Cornhole and on Instagram at West-Georgia-Cornhole. Go to any of those social media sites or directly to westgeorgiacornhole.com, you will see some beautiful boards and if you want to have a great summer and you don't have a cornhole board or you're ready to update, these are the guys to go to.
Brandon, thanks so much for joining us.
Brandon Greba: Yes sir, thanks for having me.
Narrator: Thanks for listening to “The Heartbeat of Main Street” with ForbesBooks at forbesbooks.com and Bank of America at bankofamerica.com.
As we pass the halfway mark of 2018, there are numerous reports saying small business owners are optimistic. A few months ago I noted the Spring 2018 Bank of America Small Business Owner Report showed some of the highest levels of optimism among...
As we pass the halfway mark of 2018, there are numerous reports saying small business owners are optimistic. A few months ago I noted the Spring 2018 Bank of America Small Business Owner Report showed some of the highest levels of optimism among U.S. entrepreneurs since the survey began in 2012.
But small business owners had some concerns as well, primarily the cost of healthcare, higher interest rates and consumer spending.
So, what is the state of the U.S. small business economy these days? I put that question (and a few others) to Linda McMahon, the Administrator of the Small Business Administration (SBA) last month, and a mega-successful entrepreneur in her own right.
Rieva Lesonsky: What’s the state of our small business economy these days?
Linda McMahon: There’s a feeling of optimism, confidence and enthusiasm among small business owners. They’re excited about the tax cuts, rollback of regulations and launch of association health plans (which will become more accessible on September 1st). [There’s more about association health plans here.]
Lesonsky: What’s the environment for getting a small biz loan now?
McMahon: With less regulation, it’s possible for the SBA, conventional lending banks, community banks and credit unions to go back to kind of lending they did. The SBA is guaranteeing more loans.
Lesonsky: You personally have long been involved with helping women entrepreneurs. What are some of the challenges we face in trying to level the playing field for fair and equal access to credit? (McMahon cofounded Women’s Leadership Live in 2016.)
McMahon: There are many women’s organizations giving support to women, to help them be more confident. And there are now 109 Women’s Business Centers (WBC) across the country, where women can get expert advice from women—and men—about what they need to do. Some of the greatest help women can get is to help them develop a good pitch.
The SBA, SCORE, the SBDCs (Small Business Development Centers) and WBCs are here to help women walk through the paces, and to advocate for them. And the SBIC [Small Business Investment Company, which is licensed by the SBA to invest in small businesses] is helping women get access to venture capital.
Lesonsky: What do we need to do in order to ensure that every small business owner has equal and fair access?
McMahon: We need to continue to break down barriers. Women are resilient and are starting more businesses. We need to help women get more loans and seed capital. We are thrilled to see more traditional lending coming from banks.
Lesonsky: You are a big believer in the value of technology and have said in previous interviews that small business entrepreneurs should embrace technology to remain competitive. I am always surprised by the fact nearly half of small businesses don’t have websites.
McMahon: I don’t know how you get started without having a website. It gives you a head up. Consumers are Googling to find out where businesses are and [what they do]. If you need to, go to your local SBDC or SCORE office to help you develop a website. It’s all free.
Lesonsky: How can we encourage more startups?
McMahon: We had a big recession and it takes recovery time to come back. But people are more confident and optimistic now, so more businesses will be starting.
I’m visiting all 68 SBA district offices to make sure the SBA is not the best kept secret in the country. [I met McMahon as she visited the Santa Ana (CA) district, her 49thtrip to a district since she began serving her term.] Small businesses should know about all the resources we have to help them start and grow. They should check us out at SBA.gov.
About Rieva Lesonsky
Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.
Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.
Web: www.growbizmedia.com or Twitter: @Rieva
You can read more articles from Rieva Lesonsky by clicking here
Bank of America, N.A. engages with Rieva Lesonsky to provide informational materials for your discussion or review purposes only. Rieva Lesonsky is a registered trademark, used pursuant to license. The third parties within articles are used under license from Rieva Lesonsky. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation
Many years ago, a friend of mine came to me with an intriguing business problem. He had long wanted to start his own business. He decided he wanted to buy either an existing business or a franchise, the thinking being that he didn’t want to...
Many years ago, a friend of mine came to me with an intriguing business problem. He had long wanted to start his own business. He decided he wanted to buy either an existing business or a franchise, the thinking being that he didn’t want to have to start a business from scratch.
When we looked at franchises, it became apparent that a franchise wasn’t going to work for him for two reasons. First, he really wasn’t the type to take direction well, a requirement for being a franchise. Second, most franchises were beyond his financial capacity.
Buying an existing business
So he decided to buy an existing business. Generally speaking, buying an established business is a good idea for several reasons:
- First, there is less risk. You can review the books of the business and get a pretty good idea as to how much money you can expect to make
- Second, there is the built-in clientele
- Third, you do not have to spend years creating a brand; goodwill is already established
- Finally, it is sometimes possible to get the present owner to stick around for a while (six months or so) in order to teach you the business.
Seller financing
My suggested solution was that, beyond finding an existing business, that he specifically look for one where the owner was willing to help finance the purchase. This sort of financing is well known in the real estate industry where the owner agrees to “carry the paper” for the buyer. The homeowner’s note is usually recorded as a second mortgage and is paid off in due time. The same idea is at play with owner financing in the sale of a business. The owner carries the paper and is paid off over time.
Why would a seller help finance the purchase of his business?
Usually, a business owner will finance the sale of his or her business for one of several reasons:
First, it might be a slow market or bad economy. Seller financing can help expedite a sale in those circumstances.
Second, it could be that it is not a great business. If the seller cannot sell the business the old-fashioned way – via a broker and getting the buyer to pay 100 percent – it may be because the business is sort of like a car that is a lemon. The owner figures that financing the business will at least make it someone else’s lemon.
Finally, and this is what we looked for, there are times when a seller is, as they say, “highly motivated,” and so helping out the buyer financially with the sale helps move the business faster. It may be that he’s getting divorced and needs cash or, or that she is ready to retire and move to the Bahamas and wants to cash out. Whatever. The seller needs cash now.
How it works
In my friend’s case, we found a good business that was listed for $65,000. The owner had been given the chance to teach overseas and wanted to sell the business pronto. The problem was that my friend only had $25,000 and didn’t qualify for a $40,000 business loan.
But we convinced the seller to carry a $25,000 note and that carried the day. My friend was able to put $25,000 down, the owner carried a note for another $25,000, and then we were able to get him a $15,000 bank loan to cover the balance.
By offering a motivated owner a way out, a chance to sell the business if they carry some paper, you become a solution to their problem.
Are there risks? Of course, this is business after all.
The main risk is that the buyer will default on the loan and the owner will be forced to repossess a business he no longer wants. But a business owner can reduce the likelihood of that happening by doing some due diligence. The seller must check out the buyer as much as the buyer must check out the seller and the business.
But the good news is that once everyone agrees that the other party and the business are on the up-and-up, then seller financing is a creative way to solve everyone’s problems. In the case of my friend, he still owns that business to this day and makes a very good living with it.
And the previous owner? She made 12 percent on her $25,000 over three years. Not a bad deal for all concerned.
About Steve Strauss
Steven D. Strauss is one of the world's leading experts on small business and is a lawyer, writer, and speaker. The senior small business columnist for USA Today, his Ask an Expert column is one of the most highly-syndicated business columns in the country. He is the best-selling author of 17 books, including his latest, The Small Business Bible, now out in a completely updated third edition. You can also listen to his weekly podcast, Small Business Success.© Steven D. Strauss.
Web: www.theselfemployed.com or Twitter: @SteveStrauss
You can read more articles from Steve Strauss by clicking here
Bank of America, N.A. engages with Steve Strauss to provide informational materials for your discussion or review purposes only. Steve Strauss is a registered trademark, used pursuant to license. The third parties within articles are used under license from Steve Strauss. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation
What’s the most effective kind of marketing email you can send? According to Optimove research on more than 1 million email campaigns, birthday emails get the highest response rate compared to other customer communications. ...
What’s the most effective kind of marketing email you can send? According to Optimove research on more than 1 million email campaigns, birthday emails get the highest response rate compared to other customer communications.
“Whether the consumers received coupons, free delivery, a gift or any other incentive as a part of their birthday campaign, they all turned out to be highly effective,” Optimove reports.
One reason birthday emails may be so effective is because customers who receive them have already purchased from the business. According to a report by Belly, 58 percent of people willopen emails from companies they’ve purchased from previously. Since the probability of selling to an existing customer is 60-70 percent, the added incentive of a birthday offer can easily tip the scales.
Of course, birthdays only come once a year — and you’d like your customers to buy from you more often. What other email tactics can you use to turn new customers into repeat customers, and keep your loyal customers coming back? Here are 7 email marketing ideas to build customer loyalty.
1. Make them feel welcome. When a customer signs up for emails, send a welcome email thanking them for signing up and helping them get the most from your business. For example, if you have an e-commerce business, your welcome email could tell customers to check out the “flash sale” section of your site where new products go on sale every Friday at noon.
Related Content: The Importance of Timing Your Promotions
2. Go beyond birthdays. How about sending emails on your customers’ anniversaries (either their own wedding anniversaries or the day they began doing business with you)? Or build loyalty with offers on relevant holidays. For example, a Pilates studio could send customers emails in April encouraging them to get in shape for summer with a special “unlimited visits” offer in May.
3. Send relevant emails. Some 86 percent of consumers say email personalization plays a role in their purchasing decisions. Segment email subscribers based on factors such as previous purchases, pages they visited on your website, how frequently or recently they buy from you. The more targeted your emails, the more effective they’ll be. (After all, you want customers to stay “loyal” to your email list, too.)
4. Integrate email with direct mail. Using both channels can result in a 35 percent lift in sales compared to using just one or the other. Try using direct mail to emphasize a marketing message, surprise the customer, or deliver a special offer (like that birthday greeting). Make sure your direct mail piece reflects the same branding, look and feel as your email messages.
5. Ask their opinions. Don’t overload customers with a survey every time they make a purchase. Do periodically email targeted surveys to your best customers. Because they have a vested interest in your business, they’re more likely to respond. Let them know they’re receiving this survey because you value their opinion as loyal customers. You can also offer a reward for completing the survey, such as loyalty points or a discount on their next purchase.
Related Content: 9 Ways to Discover What Your Customers Really Think of Your Business
6. Treat them like VIPs. Does it bother you when a company you patronize regularly offers special deals … but only for first-time customers? Don’t neglect your loyal customers when it comes to special treatment. Offering early access to a sale or to new products or services will inspire many recipients to open and act on your email.
Related Content: The Small Business Guide to Customer Loyalty Programs
7. Keep them engaged in your loyalty program. If you have a customer loyalty program, use email to communicate with members about their status in the program, any special offers or events for members, or upcoming expiration dates for their points or rewards. Feature products you know they’ll be interested in or rewards that they have enough points to redeem.
Crafting emails for your loyal customers as carefully as you do for your new ones, helps you maintain their loyal fan status.
Related Content: The Surprising Impact of Email Marketing and how to Maximize its Effect
About Rieva Lesonsky
Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.
Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.
Web: www.growbizmedia.com or Twitter: @Rieva
You can read more articles from Rieva Lesonsky by clicking here
Bank of America, N.A. engages with Rieva Lesonsky to provide informational materials for your discussion or review purposes only. Rieva Lesonsky is a registered trademark, used pursuant to license. The third parties within articles are used under license from Rieva Lesonsky. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation
Small Business Story Collection: The Unique Values Women Bring to Small Business Ownership. More women are starting companies than ever before; thirty-seven percent of all businesses worldwide are owned by women. This collection highlights how...
Small Business Story Collection: The Unique Values Women Bring to Small Business Ownership.
More women are starting companies than ever before; thirty-seven percent of all businesses worldwide are owned by women. This collection highlights how to embrace the unique challenges women face and thrive as small business owners.
![What Every Woman Should Know Before Starting a Business [ebook]](https://smallbusinessonlinecommunity.bankofamerica.com/servlet/JiveServlet/downloadImage/38-2821-228795/Women-Ebook.jpg)
Additional Resources
One of the toughest aspects of being a small business owner is the isolation. Next time you feel like there’s no one you can turn to for advice, check out one of these organizations. They’re some of the best places I know to get help...
One of the toughest aspects of being a small business owner is the isolation. Next time you feel like there’s no one you can turn to for advice, check out one of these organizations. They’re some of the best places I know to get help achieving your entrepreneurial goals.
Small Business Administration (SBA)
This federal agency provides access to capital, entrepreneurial development and training, assistance with federal contracting and more. Through its resource partner organizations, including SCORE, the SBDC Network, Women's Business Centers and Veterans Business Outreach Centers, the SBA helps entrepreneurs start, run and grow their businesses. There’s also an online Learning Center where you can take entrepreneurial education courses[GK1] .
Related Content: SBA Loans & Financing from Bank of America
With more than 10,000 volunteers in 300 chapters nationwide, SCORE is the country’s largest network of volunteer, expert business mentors. Since 1964, SCORE has helped more than 10 million entrepreneurs start and grow their businesses. SCORE offers both in-person and online mentoring by current and former business owners and executives. Entrepreneurs can also take advantage of free educational resources including live and on-demand webinars, interactive online training courses, in-person local workshops, and free business tools.
Small Business Development Centers (SBDC)
SBDC advisors provide aspiring and current small business owners with free business consulting and low-cost training services including business plan development, manufacturing assistance, financial packaging and lending assistance, exporting and importing support, market research help and more. There are hundreds of SBDC locations nationwide, typically located on college and university campuses.
Women’s Business Centers (WBC)
There are more than 100 Women’s Business Centers throughout the United States and its territories seek to level the playing field for women business owners. Women can receive training and counseling on a wide range of topics to help them overcome the unique obstacles they face in starting and growing their businesses.
Veterans Business Outreach Centers (VBOC)
Transitioning service members, veterans and military spouses who want to start, buy or grow a business should check out the Veterans Business Outreach Centers. Located nationwide, the offices provide transition assistance programs including Boots to Business and Boots to Business Reboot; resource referrals; and business development assistance such as training, counseling and mentoring.
National Association of Women Business Owners (NAWBO)
Founded in 1975, the National Association of Women Business Owners represents over 10 million women-owned businesses nationwide. With chapters across the country and members from all industries, NAWBO works to strengthen the wealth-creating capacity of its members and promote economic development. Members benefit from a library of resources; networking opportunities; and the NAWBO Institute Virtual Platform, which facilitates best practice sharing, communication and education[GK2] .
Related Content: Learn about Bank of America's partnership with NAWBO
The National Minority Business Council (NMBC)
The NMBC offers minority business people business assistance, educational opportunities, seminars, purchasing exchanges, mentoring, business listings, procurement-related events and opportunities, and more.
National Black Chamber of Commerce (NBCC)
The largest black business association in the world, the National Black Chamber of Commerce is dedicated to economically empowering and sustaining African-American communities through entrepreneurship and capitalistic activity. It has more than 200 chapters in 40 states and 50 countries. Members include businesses of every size and industry, state and local chambers of commerce, and trade and professional associations. Benefits for members include corporate and federal procurement sessions, networking opportunities, publications, access to international trade missions, and an annual convention.
Entrepreneurs’ Organization (EO)
This elite organization is open to owners, founders or majority stakeholders of businesses earning at least $1 million in the most recent fiscal year. With 173 chapter locations in 54 countries and more than 12,000 members, Entrepreneurs’ Organization promotes both global and local networking. Members have access to executive education and mentorship programs, local, regional and global events, and virtual learning tools.
With so many entrepreneurial assistance organizations out there, there’s sure to be one (or a few) that appeal to you. Have you worked with any of these organizations? What did you think?
*(Disclosure: SCORE is a client of my business.)
About Rieva Lesonsky
Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.
Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.
Web: www.growbizmedia.com or Twitter: @Rieva
You can read more articles from Rieva Lesonsky by clicking here
Bank of America, N.A. engages with Rieva Lesonsky to provide informational materials for your discussion or review purposes only. Rieva Lesonsky is a registered trademark, used pursuant to license. The third parties within articles are used under license from Rieva Lesonsky. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation
Many entrepreneurs turn to their bank for a loan when starting a small business. On the latest podcast episode, Chris Ward, Small Business Credit Executive from Bank of America, explains what banks are looking for when making loan...
Many entrepreneurs turn to their bank for a loan when starting a small business. On the latest podcast episode, Chris Ward, Small Business Credit Executive from Bank of America, explains what banks are looking for when making loan decisions.
“The Heartbeat of Main Street” delivers timely insights tailored to the needs of small business owners and entrepreneurs. Featuring a rotating line-up of small business experts and industry leaders – and covering a range of topics – each episode explores the trends that have an impact on revenue creation for small business owners.
The series is hosted by ForbesBooks, and more information can be accessed through a dedicated home page. New episodes will appear regularly on the Small Business Community podcast page. Be sure to check back often – so you don’t miss a beat.
Chris Ward: If you have an accountant, that's your business partner. If you have an attorney to help represent you, that's your business partner. Think of your banker the same way, one of the three trusted business partners for you to be successful as a small business, because every small business owner wants to grow their business over time and wants to have a positive impact on the community. So how can your banker help you with that?
Narrator: Welcome to “The Heartbeat of Main Street” with ForbesBooks at forbesbooks.com and Bank of America at bankofamerica.com.
Gregg Stebben: I'm here with Chris Ward, he’s the Small Business Credit Executive at Bank of America. We're going to talk about something, Chris, I know all small business owners think to themselves and always wonder who I can ask? Here's the question. When it comes to a bank like Bank of America making business loans, what is the bank looking for?
Chris Ward: Good question Gregg. It's hard for small businesses, because there's not a lot of information out there to help them like there is on the consumer lending side. What are banks looking for? They're primarily looking for the five C’s of small business credit. What are those five C’s of small business credit?
It's about capacity, collateral, capital, conditions and character, and if I could throw in one more, it's also about communication, so let's just call it the six C’s of small business lending credit.
Gregg Stebben: Okay. I'm game to call it the six C’s of small business credit. Let's take them one at a time. You said the first one is capacity. What do you mean by that?
Chris Ward: Capacity really is about whether the revenues, the income that your business generates, is enough to cover your debts, so your business debts and also your personal debts. Because if you're a small business owner, your business is your personal income as well. So, it's about the cash flow that your business generates and is that cash flow getting better, is it getting worse, is it stable, is it unstable, is it volatile? It’s things like that we’re looking for to determine the capacity that a business has for handling its expenses and its liabilities.
Gregg Stebben: Do you find that many people who are looking for a small business loan are surprised that their personal credit situation is also a factor?
Chris Ward: A lot are. A lot don't realize that. But if you think about it, if you're a sole proprietor, it makes all the sense in the world, because on your tax returns on your personal side you're going to have your business. But when you're a Subchapter S or LLC, a lot of those businesses—because of the way they're structured—they have to pass through the retained earnings back to the personal side.
Because in a small business loan, as owners, you're going to be personally guaranteeing that loan, we have to look at both sides, both the business side and the personal side to see how you're managing your entire financial well-being.
Gregg Stebben: Are there certain benchmarks or rules of thumb that I, as a small business owner, should be looking at to recognize whether I'm in a good situation to be going to a bank for a small business loan?
Chris Ward: Yeah. There's a general rule of thumb, and it's really about the income divided by your total debt. We call it debt coverage ratio. In general, in the industry you're looking for about $1.25 to cover at least every dollar of liabilities out there. That way you have a little bit of buffer, a little bit of wiggle room, if you will, on your cash flow to manage your debt and provide some working capital for the business so it can keep on growing. [GK4]
Gregg Stebben: Then the next C of the six C’s of small business credit is capital, so talk about that.
Chris Ward: Capital is really about your business assets, what the business owns, what the business has generated. Is it greater than the total liabilities the business has out there? Think of your business assets. Think of what the business owns. Think of inventory. Think of real estate. Think of retained earnings, the cash, the checking account balances. Is that more than what the business owes to others? So, whether that's an actual loan or maybe it's just your accounts payable, and does that capital also have enough to show how much you as a business owner have invested in that company that you own?
Gregg Stebben: Which I think would tie into the next C, which is collateral.
Chris Ward: Collateral, right. Capital helps to generate collateral, at least generate the means to grow your collateral. It's accounts receivable for a business. It's inventory. It's cash. It's equipment. It's real estate if the business actually owns its property instead of leases. It's an automobile that might be in the business name or a truck, depending on the type of business.
Gregg Stebben: I'm talking with Chris Ward. He's the small business credit executive at Bank of America. We're talking about ... I think classically they're called the five C’s of small business credit. We've talked about capital, we've talked about capacity, we've talked about collateral. There's also a C, which is the fourth C, which is conditions. What does that refer to?
Chris Ward: That's really about the economy and the type of industry that you are. A lot of industries could be very seasonal. You think of industries that rely upon tourism, very, very seasonal. So that means the cash flow, the revenues, could be somewhat volatile if we look at the entire year.
It also could be about the type of industry such as a gas station or a convenience store. You might be handling very dangerous liquids—obviously a gas station would—so there's legislation, there's regulations involved. So, it's really understanding not only the business itself, but also the type of business it is and how it impacts our local communities.
Gregg Stebben: It's interesting, when you talk about something like seasonal industries, are you suggesting that there's a best time of year for me to be applying for a loan, or just that I am addressing it well when talking about the need for the loan or in the written materials I might submit to the bank?
Chris Ward: It's more about addressing it well with your banker, making sure they understand the type of business you are, when your revenues come in if they don't come in as a straight line. And no business has revenues coming in in a straight line every month, month over month. You think about it, just the American economy. People spend a whole lot of money in the fourth quarter for the holidays and then they turn around and they have to pay all their bills in Q1, and the tax time comes, so that also relates to small businesses in general from my opinion.
Help your banker understand how your revenues come in, how your expenses go out, and how does time and the time of year impact how your business runs.
Gregg Stebben: Chris, as I'm listening to you, I'm thinking that you're suggesting that I be prepared to answer the same questions a rich uncle would ask if I went to my rich uncle for a loan.
Chris Ward: Yeah. Exactly.
Gregg Stebben: Is that actually ... Could that be a good way to approach this? Just imagine that I'm making a case for a loan for my business to another person versus a bank? Because everything you've said so far is really common sense.
Chris Ward: It is common sense, but you're dealing with your banker, and so how you have that relationship with your banker, how you build that partnership with your banker, is really important. Getting them to understand how your business runs, because every business is different. There's over 28 million small businesses in America today. They're all different. Some are businesses at home. Some are businesses with an actual storefront. Some are businesses where the owner is more of a consultant and traveling all the time.
So, help that the banker understand how your business runs, how it operates, how it generates cashflow, and what is the ultimate goal and purpose of your business.
Gregg Stebben: Okay. Let's move on to the fifth C of the six C’s of small business credit. It's character. That's got to be a big one.
Chris Ward: It is. It's probably one of the most important, if not the most important. It's all about you as a business owner and your history. It's tied so closely to the success of your business. It's actually critically important.
It's factors such as your personal integrity, your industry experience, your good-standing. It's about your credit history, both your personal and your business credit history, and the factors that impact your credit score, because there are small business credit scores out there as well as the credit bureau agencies.
Gregg Stebben: And the sixth C you have said is communication, and I would think that that fits in with character as well. Talk about why that's so important.
Chris Ward: Well, it's a little bit different, and here's how it's different. Communication is first you have a business plan. It's significant if you have a business plan where you've been, where you are today, and where you're going, and how are you going to continue the success of your business, and then can you communicate and share that business plan with your small business banker? Because your small business banker is your business partner in many, many senses. They're there to represent you with the bank and to cut through the red tape of banking, because banking is not easy nowadays.
It's gotten a lot better because of mobile technology and mobile banking or remote deposit capture and things like that, but it's still complicated, especially for a small business owner, because there are so many factors that impact you as a business owner. So that communication, that relationship, that give and take that you have with your small business banker to help you get the proper products, to make sure that you're lining up the right type of lending products to the needs that you have, that's what communication is all about.
Gregg Stebben: Chris, I want to ask you two more questions. I'm talking with Chris Ward. He's the small business credit executive at Bank of America. I want to ask you two other questions. One is what is the best way for me to begin building a relationship with my local bankers now, so that when I'm ready to ask for a loan I'm not walking in for the first time, so that I know them and they know me?
Chris Ward: That's a great question. So here's my suggestion. Where you have your business checking account today, get to know that bank, the bankers there that represent you at that local branch, and get to know their products and services. Then ask them questions about how to run your business better, how to have a better business banking relationship.
So think of things like merchant services. If you accept credit cards from your customers, are your merchant services to accept those credit cards with the bank that provides your checking account? Do you have a business credit card? Business credit cards are a very popular way of helping to finance small dollar expenses for a business. If you don't have a business credit card with your bank today, why not? Look into it.
Does the relationship you have with your bank reward you, so the more that you have at that bank, does it give you discounts and fee waivers? The larger the relationship with your bank, the better that you get from that bank, the better the relationship, but also the more that you know about that banker and how they can help you.
Gregg Stebben: It sounds to me like I should really be thinking about the bankers in my local branch almost as consultants when it comes to managing the money of my business. There are ways they can help me that I might not know unless I made the effort to ask them.
Chris Ward: I totally agree. I actually think they're your business partner. If you have an accountant, that's your business partner. If you have an attorney to help represent you, that's your business partner. Think of your banker the same way, one of the three trusted business partners for you to be successful as a small business, because every small business owner wants to grow their business over time and wants to have a positive impact on the community. So how can your banker help you with that?
If you have a banker that can help you with that, it's going to help your business. It's going to help make your life easier as a small business owner. So making sure that you have a banker who's competent and knowledgeable and dedicated to small businesses I think is super important.
Gregg Stebben: The last thing I want to ask you, Chris ... Chris Ward, he's the Small Business credit executive at Bank of America. The last thing I want to ask you is this. I'm sure many people listening have never applied for a business loan before from a bank. What is that process like? Can you give us a brief overview?
Chris Ward: Every bank is a little bit different. It's not as common and streamlined as it is in consumer lending, say as an auto loan. But a lot of banks are dedicating a lot of time, money and technology to improve in the small business credit application process.
So the first thing I would ask that you all do is that you go to the bank's website and see what their capabilities are and are not. For example, go check out Bank of America and compare it to the competition. Do they have an easy way to apply for credit? Do they have a learning section with really good general industry information that helps you understand how to establish and maintain your business credit? How to apply for business credit
Then does it also list out all the different types of small business credit products that are out there, from a small business credit card, to a real estate loan, to a business auto loan, up to an SBA, a Small Business Administration loan? Do they have those capabilities? That's a great place to go and to start the process, to educate yourself and making sure that you're dealing with a bank that is full-service and has industry experts to help you with your small business.
Gregg Stebben: That's really great advice. I've been talking with Chris Ward. He's the small business credit executive at Bank of America. Chris, thanks so much for joining us.
Chris Ward: Thank you.
Narrator: Thanks for listening to “The Heartbeat of Main Street” with ForbesBooks at forbesbooks.com and Bank of America at bankofamerica.com.
Facebook offers small business owners an unprecedented opportunity to reach your ideal target market with your message. With the right Facebook ad format, creative and offer, you can easily drive more foot traffic and website traffic to your...
Facebook offers small business owners an unprecedented opportunity to reach your ideal target market with your message. With the right Facebook ad format, creative and offer, you can easily drive more foot traffic and website traffic to your business. Managed properly, your ad campaigns can yield incredible results, including generating more highly qualified prospects that convert into increased sales and profits.
If you are not optimizing all Facebook offers with its wide array of campaign objectives, targeting parameters, placements and ad formats, this article is for you. We’ll specificallyhone in on the best performing formats and placements.
Currently, there are over 80 million business pages on Facebook. Out of which, only six million use Facebook for advertising.
If you are among the 74 million businesses not taking advantage of Facebook ads, you likely fall into one of two camps:
- You’ve tried Facebook ads and were disappointed with the results. Perhaps you ran a few campaigns and didn’t get the ROI you were expecting. Thus, you’ve decided Facebook ads don’t work (for your business).
- You’ve never placed a Facebook ad and don’t really know where to start. Perhaps you’re overwhelmed with all the options and afraid of losing money. And/or you may be hoping that your organic marketing strategy will pay off.
The good news: There’s never been a better time to start using Facebook ads to grow your business.
12 Facebook Ad Formats
Facebook offers the following 12 different ad formats for promoting your message to your target market. This list is in my recommended order for both best performing and level of complexity, from easiest to more complex.
- Video – Tell your story with sight, sound and motion. Show off product features, and draw people in. The auto-play movement catches people’s eye. Video is one of the best performing ad types as Facebook is giving high priority to video content in the News Feed.
Related Content: 3 Social Video Marketing Tools to Grow Your Business
- Image – Use a beautiful image to convey your message. Drive people to a destination website or app through high-quality visuals. Image ads with a link work really well on Instagram in particular, given it’s such a visual platform.
- Lead Generation – Lead ads on Facebook and Instagram help you collect contact information from people interested in your business. A lead ad is presented using an image, video, or carousel, and followed by a lead form when the user engages with the ad. Facebook’s tagline for Lead Ads is, “Tap, tap, done.” It’s that simple for the user.
- Messenger – Get people to start conversations with your business. This format is particularly effective when you have a Messenger chatbot [BE2][GK3] hooked up to your Facebook Page. Plus, people seeing your ad don’t have to leave Facebook to interact with you. Well, they hop out to Messenger and then right back to scrolling through their Facebook feed!
Related Content: Facebook Messenger Chatbots Give Small Business Owners an Edge
- Slideshow – This ad format is a lightweight looping video of up to 15 seconds long, using between 3-10 of your own images or Facebook’s stock images available via Shutterstock. The simple slideshow format doesn’t take up as much streaming data to play, which helps to reach people across connection speeds.
- Carousel – This is a lovely format that allows you to showcase up to ten images and/or videos within a single ad, each with its own link. This format performs well on both Facebook and Instagram.
- Offers – Create a special discount to share with your customers on Facebook. You can design your offer ad to appear as an image, video, or carousel.
- Event Responses – Use this ad format to promote awareness of your event and drive responses. Event ads can be a single image or video. I recommend video.
- Related Content: Six Reasons Why Your Business Should Sponsor an Event
- Collection – Encourage your prospects to shop by displaying a variety of items from your product catalog—customized for each individual. Definitely a more advanced ad format, and essential for ecommerce stores.
- Dynamic – Promote all the products in your catalog to the right people, automatically. Also incredibly effective for ecommerce stores.
- Canvas – This beautiful, immersive format lets people open a full-screen, mobile-optimized experience instantly from your ad. I don’t see too many of this ad type; usually bigger brands put the time and effort needed into creating this format.
- Page Likes – I put this one last on purpose. If your Facebook Page is really new with not that many likes (fans), or you’ve reached a plateau in fan growth and wish to build your audience, then Page Likes ads could be a good choice. Page Likes ads can be with a video or an image. However, I will say that Page Likes ads should be a low priority in your marketing mix. It’s best to invest your advertising dollars to place your message in front of your exact target audience. Otherwise, you’ll end up paying to get more likes, and then paying again to reach them.
Small businesses should first focus on these 3 Facebook ad formats
If you are new to Facebook ads, the three formats I recommend focusing on for best performance are video, lead generation and Messenger.
For video ads, upload native video content to your wall first and also broadcast using Facebook Live. Then amplify reach with the Video Views objective. But, before you place your video ad (boost your video content) make sure you’ve included a strong call to action and a link, or Messenger button.
For almost all ad formats, you can include a link to drive people to your website to learn more about your business or special offer.
You’ll want to run many split tests when driving people off of Facebook. Ideally, send people to a very simple landing page with no extraneous buttons. Just a clean, simple offer to sign up with their name/email/phone number or to make a purchase. Make sure you have Facebook Pixel installed on your landing pages.
To learn from real businesses of all sizes generating amazing results with their Facebook ads, visit Facebook’s Success Stories.
In future articles, I’ll be walking you through additional aspects of how to get solid results with Facebook ads.
About Mari Smith
Often referred to as “the Queen of Facebook,” Mari Smith is considered one of the world’s foremost experts on Facebook marketing and social media. She is a Forbes’ Top Social Media Power Influencer, author of The New Relationship Marketing and coauthor of Facebook Marketing: An Hour A Day. Forbes recently described Mari as, “… the preeminent Facebook expert. Even Facebook asks for her help.” She is a recognized Facebook Partner; Facebook headhunted and hired Mari to lead the Boost Your Business series of live events across the US. Mari is an in-demand speaker, and travels the world to keynote and train at major events.
Her digital marketing agency provides professional speaking, training and consulting services on Facebook and Instagram marketing best practices for Fortune 500 companies, brands, SMBs and direct sales organizations. Mari is also an expert webinar and live video broadcast host, and she serves as Brand Ambassador for numerous leading global companies.
Web: Mari Smith or Twitter: @MariSmith
You can read more articles from Mari Smith by clicking here
Bank of America, N.A. engages with Mari Smith to provide informational materials for your discussion or review purposes only. Mari Smith is a registered trademark, used pursuant to license. The third parties within articles are used under license from Mari Smith. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
How should I lead my team to grow company revenue and retention? I received this question from a small business owner with 50 employees, and he has been struggling to get his employees on board with a new company direction. Without...
How should I lead my team to grow company revenue and retention?
I received this question from a small business owner with 50 employees, and he has been struggling to get his employees on board with a new company direction.
Without the right plan, process and actions, leadership can be exhausting for the business owner. More importantly, it can be detrimental to the business by impacting morale,
productivity and sales.
Here are five important considerations business owners should do to be a strong leader.
1) Identify and share desired business goals
It's imperative to share your overall goals with the very people who are going to help attain those goals. How can you arrive at success if you haven't told the people what your plans are and what success looks like to the company?
Lack of effective communication can be a problem for achieving company goals. If employees are not clear on the goals, they are confused when the results aren't what was expected.
Related Content: Keeping it real: Are you setting your expectations too high?
2) Align the business goals with the goals of stakeholders and employees
This can be a challenge for many business owners because they think the goals of the business, or the ideas of the business, are generally most important. However, people instinctively have their own interests in mind. Effective business leaders are able to identify those goals and dreams, not only for the business and for themselves, but also for employees.
Your responsibility as a business owner is to understand your employees' goals, your team members' goals, and other stakeholders' and align them with company goals.
For example, it's important to understand what a colleague really cares about. If they care about more money, maybe you can create an opportunity to earn more by improving the bonus and compensation structure.
Identify your employees’ goals first before aligning them with the organization’s goals.
Related Content: 6 Things Entrepreneurs Can Do to Attract and Retain Good Employees
3) Recognize the staff and people who work for you
Everyone wants to be appreciated and recognized in some capacity. Sometimes, a thank you is enough, and other times public congratulations may be in order. Whatever it is, learn how they receive information and praise. If not, it's your responsibility as a leader to understand how your employees and team members receive praise and understand what makes them feel appreciated.
When they feel appreciated, they'll be more excited to come to work and happier because they know what they're doing is being acknowledged. This greatly improves productivity and company revenues.
Related Content: How Are You Celebrating Employee Appreciation Day?
4) Interact with team members frequently - daily or weekly meetings
Frequently interact with team members. Not just for specific projects but consider having daily or weekly strategy meetings. Part of being appreciated is knowing you're acknowledged, and for an employee to know you care about who they are and what they do.
It doesn't mean you must meet with every single person you work with. Many sales teams have daily meetings to encourage and inspire the sales staff to dominate the day. These strategy meetings allow you to revisit individual employee goals, the team's goals, and the company's goals.
Spending time with the people who help build your business reminds them their contribution matters. Also, it allows you to learn a little bit more about the people who work for you.
5) Create a positive and enjoyable culture
This doesn't mean that you must play video games or pool like a tech start-up. Foster a jovial work culture.
People understand what the culture is, and know how they fit in the culture. The last thing people want is to work in a contentious or difficult situation. You still need to have hard conversations if warranted.
Encourage team building activities and group experiences that build camaraderie and trust. Some of the best companies I’ve worked for had an amazing internal culture. This will increase productivity and profitability in the long run for your business.
As the business owner you're responsible for the health of the business and the growth of your employees. Ever had a great experience at a store or restaurant? If you have, chances are the culture and leadership of the business are in sync. That leads to better customer interactions, service and eventually, a healthier bottom line!
Related Content: The importance of employee perks and how you can offer more than you think
About Ebong Eka
Ebong Eka is no stranger to the world of personal finance. As a certified public accountant and former professional basketball player he offers a fresh perspective to smallbusiness planning and executing. With over fifteen years of accounting, tax & small business experience with firms likePricewaterhouseCoopers, Deloitte & Touche and CohnReznick, Ebong provides practical money solutions tailored to the everyday person, the aspiring entrepreneur or the small business owner.
Ebong is the founder of EKAnomics, a sales, pricing and leadership firm. He is also the founder of Ericorp Consulting, Inc., a tax and management consulting firm. Ebong is the author of “Start Me Up! The-No-Business-Plan, Business Plan.”
Ebong is also the founder of The $250 Tax Pro, which provides tax preparation and consulting services in the Washington, DC area.
Web: www.ebongeka.com or Twitter: @EbongEka.
You can read more articles from Ebong Eka by clicking here
Bank of America, N.A. engages with Ebong Eka to provide informational materials for your discussion or review purposes only. Ebong Eka is a registered trademark, used pursuant to license. The third parties within articles are used under license from Ebong Eka. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation
Over the course of a long career advising and strategizing with entrepreneurs, I have noticed a trend, particularly amongst those driven by creativity and passion. For these creative types, it is that their biggest strength – the incredible...
Over the course of a long career advising and strategizing with entrepreneurs, I have noticed a trend, particularly amongst those driven by creativity and passion. For these creative types, it is that their biggest strength – the incredible creativity that sets them apart and drives them to pursue an opportunity – is often their biggest weakness in business.
I have gone deep with the owners of some of the coolest and most interesting business concepts around – the type of entrepreneurs who are doing phenomenal, creative and impactful things with their businesses. From the outside, it looks like they have a veritable goldmine. They are the businesses others look at and go, “why didn’t I think of that?”
However, as I get to peek behind the curtains (i.e., look at their financial statements), many of these “innovative ideas” are not being executed in a way that makes the entrepreneur enough profit to get by. Some aren’t making any profits at all.
High-touch vs. Systems
For many of the high-touch or creative businesses, the uniqueness that sets them apart is what keeps them from reaching the next level or even turning a profit. Instead of being focused on creating something that is perhaps slightly less unique, but scalable and repeatable, the entrepreneur is married to the complexity. They feel it would compromise their vision to streamline what they are doing. Often, that is at the expense of making money.
When a business has specialized high-touch services it is also difficult for them to be replicated, even by team members. This leaves the owner burnt out because he is working too many hours or is having a hard time teaching his staff to deliver on the value proposition. This also leaves the entrepreneur with a job, instead of a business.
Related Content: Hear Daria Knowles talk about her family business, Hot Skwash, that designs and
manufactures high-end home décor – Post Some Love Small Business Podcast | Hot Skwash Interview
Pricing Reality
For some entrepreneurs, their unique product or service is in demand but only at a price point that won’t support the business’s viability. By requiring certain elements are done by hand, by an artisan or with a special material, they have priced their product or service out of the market. It’s a needed product or service, just not at the price that it would require to keep the entrepreneur’s vision intact.
Related Content:
What your Prices Say About your Small Business
Take a Fresh Look at your Pricing Strategy
So, what does an entrepreneur do when the vision that drives you is what’s keeping you from being successful?
Compromise has to happen.
If you are in this position, are you willing to let your creative vision inform you, but also to scale back some of the uniqueness for the sake of growing the business (or staying in business)? That is the million-dollar question.
I hope you can make that mindset shift. You don’t have to give up your values or your mission, but you may have to implement them in a way that cuts out the smaller details in order for the business to thrive.
The challenge is to do that in a way that is still appealing to the customer, as well as to you as an entrepreneur.
Ask yourself, “Is what’s setting me apart holding me back?” If it is, you need to decide whether passion or profit is your priority.
About Carol Roth
Carol Roth is the creator of the Future File ® legacy planning system, “recovering” investment banker, billion-dollar dealmaker, investor, entrepreneur, national media personality and author of the New York Times bestselling book, The Entrepreneur Equation. She is a judge on the Mark Burnett-produced technology competition show, America’s Greatest Makers and TV host and contributor, including host of Microsoft’s Office Small Business Academy. She is also an advisor to companies ranging from startups to major multi-national corporations and has an action figure made in her own likeness.
Web: www.CarolRoth.com or Twitter: @CarolJSRoth.
You can read more articles from Carol Roth by clicking here
Bank of America, N.A. engages with Carol Roth to provide informational materials for your discussion or review purposes only. Carol Roth is a registered trademark, used pursuant to license. The third parties within articles are used under license from Carol Roth. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
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Often referred to as “the Queen of Facebook,” Mari Smith is considered one of the world’s foremost experts on Facebook marketing and social media. She is a Forbes’ Top Social Media Power Influencer, author of The New Relationship Marketing and coauthor of Facebook Marketing: An Hour A Day. Forbes recently described Mari as, “… the preeminent Facebook expert. Even Facebook asks for her help.” She is a recognized Facebook Partner; Facebook headhunted and hired Mari to lead the Boost Your Business series of live events across the US.
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