Blogs

From Retirement to New Business Owner | Career after Retirement

Retirement is the perfect time to start a new business, learn more about why starting a small business after retirement is a great idea.

ROBS Rollover | Small Business Financing | Borrow from 401K

You can use your retirement plan to fund a new business. Learn how to use your 401k to start a new business with a ROBS Rollover.

SBA Loans | Small Business Loans | How to Apply

What is an SBA Loan and what information do I need to apply? Will my small business qualify for an SBA Loan?

SBA Loans | Small Business Loans | What is an SBA Loan?

What is an SBA Loan and how are they different from a traditional loan? What can they be used for and how do I qualify?

401k To Buy a Business

You may have a significant amount of cash tied up in your 401K. Can you use your 401k to buy a business? The short answer is yes. The long answer is complicated, and it may take specialists and lawyers to make sure you escape possible penalties. Can you afford to risk your retirement savings? That’s…

Maximize Your Digital Marketing Strategy

Maximize Your Digital Marketing Strategy in 2021 A recent survey of 2,500 digital marketers revealed that email marketing generates the highest ROI, followed by content marketing, social media marketing, and pay-per-click (PPC) advertising.  Maximize your digital marketing strategy to ultimately maximize your short-term and long-term profits.  In this article, we will discuss the top digital…

Business Valuation Made Easy

While there are several business valuation approaches and many valuation methods, the most commonly used and accepted method is the Multiple Of Seller’s Discretionary Earnings (Seller’s Discretionary Cash) Method.  SDE makes business valuation made easy. To understand the method, you should understand a few components: Seller’s Discretionary Earnings (SDE) The International Business Brokers Association defines…

Finding Your Niche and Pricing for It

Finding Your Niche and Pricing for It Why Niche and Pricing Sales have been down everywhere.  We are slowly emerging from a pandemic. We have a new president.  Why are we talking about finding your niche and pricing for it? Because pricing is getting back to basics.  What we are really talking about is your…

Why Sales Strategy is so Critical

Why Sales Strategy is so Critical Recently, SalesXceleration took a look at the current state of sales within the small-to-medium-sized business community, and what was found was plenty of room for improvement. What’s missing here, and what steps can be taken? Let’s explore why sales strategy is so critical. The State of Small to Mid-Sized…

What Size Business Am I?

  Are there benefits to being small? If you’re asking yourself if your business can qualify for SBA perks, you aren’t alone. Are there benefits to being small? Your business doesn’t feel small. It feels huge. You’ve got 200 employees. You make great profit year after year. Yet you’re still classified as small. How is…

Building Sales, Loyalty and Trust

Building Sales, Loyalty and Trust Doing Business in Difficult Times Operating a business during the COVID-19 Pandemic may be the most challenging experience of your lifetime. You may have had success in the past, but the disease has changed everything. A customer’s loyalties, priorities and how they buy have all changed dramatically. We are in…

Add Top Line Sales Using Your Current Database

How to Add Top Line Sales Using Your Current Database  How many times have you said to family and friends: “If only I had more foot traffic”? If you’ve been doing this retail thing for a while, too many to count, I’m sure.  Steady foot traffic and new customers are a wonderful thing, sometimes the…

Right Person Right Time

Right Person Right Time Hiring a new employee is both exciting and terrifying! We know that having the right people on the team is critical to successand for that very reason, there is a lot of pressure in completing the hiring process. There are ways to make the proces smore pleasant while ensuring that you…

Build Your Ideal Customer Profile

  Build Your Ideal Customer Profile When you think of your ideal customer, what comes to mind? Is it anyone who wants to buy your products or services? Actually, that is not the best answer if you’re looking to drive sales and build a loyal, committed customer base. So how do you build your  ideal…

Getting Stronger as We Emerge from the Pandemic

Putting Our “People” Game Face On – Getting Stronger as We Emerge from the Pandemic COVID Threats From the broad view of all my clients and my 30 years of business leadership, COVID has challenged everything we try to protect in life. The health and safety of our families, our business economic stability, and everything…

The 6 Step Process to Successful Food and Beverage Business Management

  It might seem a bit crazy to think that something as complicated as success and the hospitality industry can be reduced down to a simple 6 step process to successful food and beverage business, but after 25+ years in the industry- I decided to give it a try and see if I could create a…

Leadership in the Era of Change

Leadership in the Era of Change The Impact of COVID-19 Things appeared to be improving but there may be another step back.  But we know at some point, with vaccines and improved medicine, we will turn the corner. The business closures will end, employee health concerns and economic uncertainty will improve as we find that…

Create Guest Loyalty in a COVID 19 World

5 Ways Your Staff Can Create Guest Loyalty in a COVID 19 World Turning every guest into a regular guest is more important than ever. Not all the restaurants around us reopened and others are still going to struggle and close. Rather than approaching the current situation as a struggle to survive, why not approach…

Managing in a Virtual World

Managing in a Virtual World “When a paradigm shifts, everything goes back to zero.” These are the words of Joel Barker who has done extensivework in teaching us about paradigms. Good thing, because COVID-19 has indeed put us right in the middle of aparadigm shift – and we have gone back to zero. In February…

Creating a Labor Model that Fits Pandemic Sales

Creating a Labor Model that Fits Pandemic Sales Adjusting your labor model to fit business levels and changing guest needs is just smart business, but it has been elevated to a critical task as COVID 19 restrictions take their toll on restaurants. Like so many other tasks in our industry, it is a big jigsaw…

Forecasting Sales & Planning Inventory Buys

The Importance of Forecasting Sales & Planning Inventory Buys Using Real Time Data The Science to the Art of Retail Retailers often plan the future based off of the past, which can often mis-lead them to buy off of hope instead of strategy. This holds true now more than ever as 2020 proved to be…

Financial Process that Helps You Follow Your CASH

Cash is KING! How to Create a Simple Financial Process that Helps You Follow Your CASH! In the uncertain times we are living in, cash is now more important than ever to give you a bit more stability in the event of something crazy like a pandemic happens. Cash is King! Been there, done that,…

Do You Have a Strategy to Be Better than the Rest?

  Do You Have a Strategy to Be Better than the Rest?  If you own/operate a restaurant and have seen your sales go down either before or during COVID and want to see them increase going into 2021, there is no doubt that you are dying to make changes.  But the problem is you may…

Amplifying Your Social Media Content

The 3 Most Important Steps to Amplifying Your Social Media Content Creation Warren Buffet once said, “It is not necessary to do extraordinary things to get extraordinary results.” Clients and friends ask me all the time – what’s the secret to social media? The short answer is impactful content. The long answer requires that we…

Selling in a Post-Covid World

Selling in a Post-Covid World The famous Greek Philosopher Heraclitus said: “you cannot step into the same river twice.” Heraclitus’ observation, which argues that things are always changing, begs the question how the Covid pandemic has reshaped the current business landscape. Therefore, selling in a Post-Covid world is harder than ever. Trends According to a…

Make More Money

What Can My Small Business Do Right Now To Make More Money? I frequently get asked by small business owners, “What can I do to make more money, now?” When I’m asked this question, it is often delivered with a sense of desperation and/or exhaustion. Organic marketing methods (aka activities you don’t have to pay…

5 Ways to Focus on Referrals Right Now

  5 Ways to Focus on Referrals Right Now This year has shaken things up for business owners. But few are shedding light on the fact that things have changed drastically for customers, too. People are having to completely rethink how to find, choose, buy, and remain loyal to the businesses they would normally frequent….

Manage Metrics to Grow Your Business

Manage Metrics to Grow Your Business Sales can sometimes be seen as a game of intuition and instinct. And there’s certainly room for those qualities in a successful sales team. But if you’re relying only on qualifications and you do not manage metrics to grow your business, you could be missing out on some exciting…

Boost Your Business with 5 Essential Digital Marketing Tips

It’s been months since Covid-19 struck our planet. For such a long time have we been staying inside our homes trying to curb the spread of the virus. With no end-date in sight, according to the U.S. Bureau Of Labor And Statistics in July 2020 over 31 million people were unable to work because their…

Leading in Times of Change

Leading in Times of Change Things change so rapidly that change has become normal, expected, and for some – desired. Change is often subtle, yet sometimes it comes at us with such ferocity that it is overwhelming. For many, leading in times of change is not easy even when subtle, and it’s easy to understand…

Compete, Advance, Recover, Elevate, and Succeed

  Collin SBDC CARES Businesses have received a huge blow in 2020. So, through the Collin SBDC, national experts will help local businesses better compete, advance, recover, elevate, and succeed in 2021!  Receive paid customized training and consulting through us and the Collin SBDC CARES Program. The Collin SBDC CARES Program was formed as a…

Customer Care = Increased Sales

  Customer Care = Increased Sales Do you know that it costs 5x more to find a new customer than to keep your current customers (customer care is extremely important)?  The probability to sell to your existing customer is 70% vs. new customer is 5% to 20%. Existing customers are 50% more likely to buy…

Marketing Tactics to Get More Customers

  Marketing Tactics to Get More Customers It is important that you begin working on your marketing strategy now! Don’t wait until 2021 to start developing your strategy because, inevitably, you will get caught up in something else that will distract you from planning and executing that strategy. (i.e. If you start planning in January,…

Learning the #1 Platform for B2B Lead Generation

Learning the #1 Platform for B2B Lead Generation Understanding how to market on LinkedIn for selling B2B (Business to Business) is imperative.  Why?  It is the #1 platform for B2B lead generation, rated by marketers.  In addition, it is 2 times the buying power of average web audiences, and 4 of 5 LinkedIn members drive…

Lease Space in a Post-COVID Environment

Lease Space in Post-COVID Environment Small businesses continue to adjust their operations to what may be the new normal.  Social distancing requirements, health concerns and a potential shift to more businesses embracing remote working, limited travel, lack of interest in visiting restaurants and the continued trend of online shopping has significantly changed how business owners…

Pricing Strategies to Maximize Profit

Pricing Strategies to Maximize Profit To reach sustainable growth, you need to think and act strategically.  Ensure you’re continually charging the appropriate amount for maximum profit, by evaluating and re-evaluating your pricing.  Because that’s what we’re in this for, right? Consider What You Charge: Take time each year to analyze your bottom line through the…

Effective Sales & Marketing Strategy

Building an Effective Sales & Marketing Strategy to Successfully Compete in a Post Covid World The Boston Consulting Group (BCG) has long been considered a leading global strategic consulting firm.  Their 4 R’sSales Response Strategy is an approach any business can use to building an effective sales and marketing strategy to position their business for…

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The Collin SBDC at Collin College is a member of the North Texas SBDC Network. Funded in part through a cooperative agreement with the U.S. Small Business Administration (SBA). Hosted by the Dallas College and nationally accredited by the Association of SBDCs.