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StreetShares Blog - The Resource Center for Veteran Small Businesses

StreetShares Blog

The Resource Center for Veteran Small Businesses

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Human Resources Needs Resources: Why You Need to Fund HR From Day One
| StreetShares Blog

By StreetShares on June 29, 2018

Human Resources doesn’t come free. And, unfortunately, small businesses commonly find managing HR issues a complicated and expensive problem. A business may not need an official Human Resources department until it reaches 150 or more employees, but HR issues start on day one. Even if your business never reaches this employee threshold, your company will have the same problems as a bigger one- just on a smaller scale.

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How Much Debt is Too Much?
| StreetShares Blog

By StreetShares on June 27, 2018

Business owners must run two sets of books- one for their business budgets, and one for their personal budgets. And, they need to definitively separate their business and personal debts. Staying disciplined is tough, especially in the beginning when cash flow is tight. There’s always that temptation to put business revenue in your pocket and pay your personal bills out of the same pocket. Unless you clearly separate your business and personal financials at the start and stick to it, you’ll just end up in a cycle of borrowing from one to pay the other. You might, by coincidence, cover all your obligations- but the risk of loss will endanger your business.

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What Are Cash Flows and How Do I Improve Mine?
| StreetShares Blog

By StreetShares on June 25, 2018

Just as the name suggests, cash flow involves the money coming in and going out of your business. If more money is coming into your business than moving out, you have a positive cash flow. This not only indicates that your business is gaining funds, but it also ensures you can meet your business needs- such as settling any outstanding debts, making investments, paying your employees, and managing other expenses. A positive cash flow is essential for business growth. However, if more money is flowing out of your business than is coming in, you are at risk of being overdrawn and unable to meet your vital expenses. Let’s explore how you can improve your cash flow and use that to achieve your business goals.

 

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Let's Get Personal: Using Buyer Personas to Market Your Small Business
| StreetShares Blog

By StreetShares on June 22, 2018

As a small business owner, not everyone is your customer. It’s almost impossible to achieve sustainable growth for your business if you don't know who your ideal customer is- having adequate knowledge of your target audience helps make your marketing more effective and cost-efficient. As the marketplace becomes even more crowded with businesses fighting for attention, it’s more necessary than ever to home in on your intended customer with relevant calls to action, and not waste time and money marketing to people who aren’t likely to buy from you.

Establishing a buyer persona helps you internalize and understand your current customers, as well as make it easier to speak to potential customers. Great buyer personas enable you to produce tailored content, customized products, and targeted messaging, as well as to offer services that meet the specific needs of your target audience- or audiences.

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You're Never Too Small to Get Hacked: The Importance of Small Business Data Security
| StreetShares Blog

By StreetShares on June 20, 2018

Sony, Target, Facebook... it seems that every day another high-profile company is in the news for getting hacked and having their internal communications and customer data exposed. You might think that your business isn't big enough to get hacked, but businesses of every size are a target- and the effects of a data breach on a small business could be devastating. When it comes to customer information, transparency and data security are essential. So what’s the best way to fend off hackers and maintain customer trust? Here are five tips to help you keep your customers’ information safe.

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How Would You Invest $10,000?
| StreetShares Blog

By StreetShares on June 19, 2018

If given $10,000 tax-free, here's how Baby Boomers, Gen X'ers, and Millennials would invest it. How do you compare? 

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How Do You Complete a Contract When You Don't Have Any Money?
| StreetShares Blog

By StreetShares on June 18, 2018

When it comes to government contracting, the major issues always seem to come back to money. Like it or not, the world of GovCon revolves around the mighty dollar, and operating costs can be significant. Anyone who’s in the field knows the level of competition for those contracts- and the length organizations will go to secure them.

You’ve done all the vital industry networking, you’ve assembled a team you trust and know can get the job done, and you’ve submitted a winning proposal. Once you win that contract, the next step needs to be securing your funding for the project. After all, it can take anywhere from 30 to 90 days after delivery for the government to pay you. So what happens when you have an abundance of contracts secured, but no funds for payroll, materials, and any other overhead cost that might come into play? You need to secure outside funding. Here are the best options for bolstering your company’s bottom line. 

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How to Market When You Have No Inventory: 5 Marketing Practices for Service-Based Businesses
| StreetShares Blog

By StreetShares on June 11, 2018

Selling services is a whole different world from selling goods. Without a commodity and inventory, you must sell your prospective customers on ideas, intangibles and promises. This takes a much different strategic approach and practices that many service-based business owners never quite understand. Here are five marketing practices you should implement to maximize the potential of your service-based business.

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Ready for Takeoff: 5 Vital Tips to Launch a Successful Business
| StreetShares Blog

By StreetShares on June 8, 2018

We are definitely living in the age of the start-up- it seems that everyone is developing an app or starting a business from their basement, hoping to be the next Facebook or Amazon. Start-ups are so oversaturated, with a full 90% failing before they get off the ground, that telling people you're an entrepreneur is more likely to elicit eye-rolls instead of interest. However, without entrepreneurs making waves despite the challenges, our world would be devoid of smartphones, social media, streaming video, and many other every day amenities that you would sorely miss!

Many fail at launching successful businesses, but that doesn't deter budding entrepreneurs from pursuing their dreams. And, countless people fail their first (or second, or third) try and yet do it over and over again. While nothing can guarantee success in the cutthroat world of start-up entrepreneurship, keeping a few vital tips in mind can certainly give you a leg up on your less-prepared competition. 

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If You're Comfortable, You're Doing it Wrong: 3 Tips for Winning in Business
| StreetShares Blog

By StreetShares on June 4, 2018

Just the thrill of owning a business can be rewarding, but all business owners are ultimately in it to win it. There's no easy formula to succeeding in business- if there were, everyone would be able to do it! There are almost as many tips and guides as there are businesses themselves, and if you were to spend all day reading them, your company would surely fail due to your lack of attention. While there are no guarantees for success, keep these three simple tips in mind and you'll quickly be on the right track.

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