As one of the leading SBA lenders in Florida and Alabama, USAmeriBank is proud to celebrate National Small Business Week. We are thrilled to recognize our nation’s 28 million small businesses and the meaningful impact that they make on their respective communities. With more than half of Americans either owning or working for a small business, these enterprises represent the economic heart of our country.
In honor of National Small Business Week, USAmeriBank spent time with a collection of entrepreneurs to discuss “What it takes to manage a successful small business.” Our discussion uncovered a collection of comments and viewpoints that bridged a variety of topics. We captured some of the more thought provoking answers and have summarized below:
- Know Your Brand and Value Proposition – Priority number one for a small business is to be able to quickly communicate what the company does and how it provides value for its customers. If potential customers can’t understand what a business does, the creation of sustainable sales can prove to be challenging. In addition to direct sales, referrals can be a significant source of business. If your value proposition is easy to understand, friends, neighbors, and business contacts can more readily recommend your services.
- Manage by Scorecard – Every small business owner needs to know their numbers. A scorecard is a collection of data that provides an indication of the company’s current and future performance. A good scorecard can provide owners with view of the future that allow for proper and proactive management. Creating a plan, having quantitative goals, and reviewing progress each week provides a path for success.
- Create a Group of Mentors – Being an owner of a small business can be a lonely endeavor. A small business owner makes hundreds of decisions a day without input from other individuals. Having support from a trusted adviser, mentor or peer provides alternative views on growing the business. It can also provide valuable insight from someone that has “been there before”, providing for experience driven decisions that create results.
- Get Involved in the Community – One of the most personally and financially rewarding experiences for a small business owner is that act of helping to shape their community. Nonprofits, economic development organizations, and local government all provide an effective outlet for an individual to get involved. The personal satisfaction one obtains from helping to improve the local community provides an internal satisfaction that can’t be replicated. Furthermore, the networking opportunities made available when volunteering can provide valuable business connections that are hard to obtain through traditional channels. Giving back to the community can prove to be a valuable PR and sales channel for any small business.
Growing a small business can be a challenging, yet rewarding, endeavor. USAmeriBank respects the personal investment and commitment that it takes to manage a small business. We applaud the efforts of our small business community and look forward to helping in its growth. If you would like to learn more about USAmeriBank and how we can assist with Small Business Banking or SBA loans please visit www.usameribank.com/sba.