As the owner of a small business, do you understand the importance of keeping good records? Pottstown SCORE will offer an informative workshop, “Bookkeeping Basics for A Small Business” on Monday, June 6 from 7:00 to 9:30 pm for entrepreneurs, business owners, and anyone who needs to understand the concepts and applications of business transactions. The information provided in this workshop will enable the attendees to handle day to day business transactions in a logical and concise manner. Some of the specific topics include the following: preparing financial reports, balance sheets, income statements, statement of cash flows, trial balance, the accounting equation, journals and adjustments, ledgers, worksheets and software applications.
The instructor for the workshop is Scott Rakowski, CPA, of Rakowski and Company, Pottstown, PA. The class is held at the Pottstown SCORE office in the New York Plaza Building, 244 High Street, Suite 102. The cost of the course is $25 and there is a 50% discount for a partner registering at the same time. Registrations are being taken online at www.pottstownscore.org or by phone at 610-327-2673.
SCORE is a nonprofit association sponsored by the U.S. Small Business Administration. SCORE volunteers are retired CEO’s, executives, and small businessmen who provide free and confidential counseling to start-up businesses. They also offer low-cost workshops and mentor existing businesses through the challenges that they face in today’s market place.
Bookkeeping Basics Offered by Pottstown SCORE
FREE Services for Businesses at MCCC Blue Bell
Have you checked out the Center for Entrepeneurial Studies at the Montgomery County Community College in Blue Bell? You might be missing out on some amazing free services. Check out the calendar of services below and call the center at 215-461-1140 to schedule a free appointment.
FREE Business Counseling sessions with:
- SCORE – America’s Counselors to Small Businesses
- SBA – Small Business Administration
Call for available times
FREE Financial Accounting Tips including how to:
- Set up an accounting system
- Learn QuickBooks functions
- Prepare your own financial statement
Appointments available Wednesdays, Noon-3:00PM
FREE Technology Consulting services include assistance with:
- Forming an e-commerce strategy
- Applying and/or purchasing technology
- Utilizing social media to increase sales
Appointments available Wednesdays 6:00-10:00PM
FREE Legal Consulting
- Capital and partnership agreements
- Business entity formation
- Local, state, and federal compliance issues
Appointments available Thursdays 9:00AM-Noon
FREE Marketing Consulting
- Marketing plan strategy
- Pricing strategy
- Niche/target marketing
Appointments available Tuesday & Thursday afternoons
For even more information click here to see a brochure on their services.
Register Now for Popular SCORE Workshop Series
The popular SCORE workshop series, “How to Start and Operate a Small Business” is scheduled to be presented from 7:00 to 9:30 pm on four consecutive Monday evenings beginning on November 8. All classes are held at the Pottstown SCORE office in the New York Plaza building at 244 High Street, Suite 102, Pottstown, Pennsylvania. There is ample free parking in the lot behind the New York Plaza.
This workshop series, presented by SCORE, Counselors to America’s Small Business, is for those who are considering starting a business as well as those who are currently operating a small business. All courses are taught by experienced members of SCORE and outside practitioners recognized as experts in their specific fields.
The workshop sessions are as follows:
1. Sources of Information and the Tax and Legal Implications of the Different Legal Structures, November 8
2. The Business Plan and The Business Loan, November 15
3. Sources of Market Information, Marketing, November 29
4. It’s All About Profit, December 6
The instructors for this workshop series are local business partners and experienced SCORE counselors. Tap into their expertise to gain practical, real-life information on how to start and operate a small business. The instructors are as follows: Hanna Hartman, Vice President and Branch Manager at National Penn Bank; Don Havas, President of Applied Technology and Sciences, Inc; Jeff Kofsky, President of Higher Vision Coaching and Counseling; Mike Mayor, President of Systems Science LLC, and retired VP, ITT Corporation, Defense Electronics and Services; David Megay, Esq., Attorney with O’Donnell, Weiss & Mattei, PC; Scott Rakowski, CPA for Rakowski and Company; and Carolyn Wiker, Head of Adult Services at the Pottstown Public Library
Registration begins at 6:45 pm, and all classes start promptly at 7:00 pm.
Each session costs $25. A manual on preparing a business plan will be available for $20. A special price of $100 is offered for the 4 courses as a package, and this includes the manual. As an added bonus, there is a 50% discount off the workshop fee for each additional person.
This has been an extremely successful and well-attended workshop. Early paid reservations guarantee a seat. For more information or to register, call the Pottstown SCORE office at 610-327-2673 or visit the website at www.pottstownscore.org.
Money Matters When Starting a New Business
Financing a new small business is one of the biggest hurdles that an aspiring entrepreneur faces. But it’s not an insurmountable one. There are sources of start-up funds that are not as difficult to secure as many people assume. The key is to find the right type of financing for your specific needs, determine exactly how much you need and what your responsibilities are to the lenders, and know how to use those funds wisely. A wrong move in any one of these areas could make the difference between success and failure for your small business.
Sources and types of small business financing fall into a few broad categories. It will either be debt or equity financing from institutional or informal sources. Debt financing is a loan you pay back. Common sources include: family and friends, personal credit cards, home equity lines of credit, commercial bank loans and bank loans backed by the U.S. Small Business Administration (SBA).
Some small businesses also receive a type of funding from suppliers and vendors in the form of special payment terms, discounts or even direct loans. Suppliers want you to succeed because it means more business for them, so they are sometimes willing to help.
With equity financing, you offer investors shares of your business in return for cash. Unlike loans, you are not required to pay the money back, but these investors now own part of your business and will want a return on their investment. Venture capitalists work this way, and stock offerings are a type of equity financing.
Other funding or cost-sharing options include partnerships, joint ventures, alliances, co-branding arrangements and business incubators. Incubators rarely offer cash, but they provide crucial support in the form of free or reduced rent and business services.
The SBA offers several financial assistance services for small businesses, including the popular 7(a) loan program. Most U.S. banks participate in the program, which provides loans on a guaranty basis, i.e., lenders structure their own loans based on the SBA’s requirements. Details about all SBA loan programs and other helpful information for structuring a financing strategy may be found at www.sba.gov/services/financialassistance.
To learn more about financing a small business, contact SCORE “Counselors to America’s Small Business.” SCORE is a nonprofit organization of more than 10,500 volunteer business counselors who provide free, confidential business counseling and training workshops to small business owners. Call 610-327-2673 for the Pottstown SCORE office, or visit online at www.pottstownscore.org.
Relatively Speaking, Family Businesses Need Extra Care
The family business is an American small business tradition, one that gives parents, spouses, children, and others an opportunity to contribute to and share in a dream that can grow and prosper over many generations.
But without proper planning and management, family businesses can also be the source of contention, acrimony, and even irreparable harm to once-loving relationships. That’s why it’s important for aspiring entrepreneurs to fully understand the pros and cons of going into business with relatives and in-laws. The needs of the business may not always be compatible with family harmony, resulting in a situation that handled improperly, can jeopardize the survival of both.
When bringing family members into a business for the first time, especially as investors or in a startup situation, you should consider putting the business relationship in writing. Family members sometimes buy into the excitement of a business startup without a clear idea of their role once the business is underway.
In an ongoing family business, it’s important to treat family members fairly. While some experts advise against hiring family members, that sacrifices one of the great benefits of a family business. Countless small companies would never have survived without dedicated family members. But avoid favoritism. Pay scales, promotions, work schedules, criticism and praise should be evenhanded between family and non-family employees.
Don’t become the employer of last resort for every distant relation who calls. Base employment on the skills or knowledge they can bring to the business. If your kids will be joining the business, make them get at least three to five years business experience elsewhere first to help them gain perspective of how the business world works outside of a family setting.
Problems and differences of opinion are common in a family business, so it’s important to keep lines of communication clear. Weekly meetings to assess progress, air differences and resolve disputes work well for many family firms.
Just as solo entrepreneurs and non-related partners need to separate their business and personal lives, owners of family businesses need to prevent work-related issues from dominating family activities. While it may be difficult to totally confine shop-talk to the workplace, make it a standing rule not to discuss work and business issues at social gatherings or at designated “family times” where the focus should be on other things.
To learn more about operating a successful family business, contact SCORE “Counselors to America’s Small Business.” SCORE is a nonprofit organization of more than 10,500 volunteer business counselors who provide free, confidential business counseling and training workshops to small business owners. Call 610-327-2673 for your local SCORE chapter, or find the chapter on line at www.pottstownscore.org.
Popular SCORE Workshop
National Penn Bank is the sponsor of the popular SCORE workshop series, “How to Start and Operate a Small Business” scheduled to be presented from 7:00 to 9:30 pm on four consecutive Monday evenings beginning on September 13. All classes are held at the Pottstown SCORE office in the New York Plaza building at 244 High Street, Suite 102, Pottstown, Pennsylvania. There is ample free parking in the lot behind the New York Plaza.
This workshop series, presented by SCORE, Counselors to America’s Small Business, is for those who are considering starting a business as well as those who are currently operating a small business. All courses are taught by experienced members of SCORE and outside practitioners recognized as experts in their specific fields.
The workshop sessions are as follows:
1. Sources of Information and the Tax and Legal Implications of the Different Legal Structures, September 13
2. The Business Plan and The Business Loan, September 20
3. Sources of Market Information, Marketing, September 27
4. It’s All About Profit, October 4
The instructors for this workshop series are local business partners and experienced SCORE counselors. Tap into their expertise to gain practical, real-life information on how to start and operate a small business. The instructors are as follows: Hanna Hartman, Vice President and Branch Manager at National Penn Bank; Don Havas, President of Applied Technology and Sciences, Inc; Richard Heylmun, Owner/operator of retail, catalog, farming and insurance businesses; William Hoke, Founder and owner of a high tech small business for 27 years; John Henning, A Franchise Consultant and founder of the Pottstown Herald.com online newspaper; David Megay, Esq., Attorney with O’Donnell, Weiss & Mattei, PC; Dick Powell, Property Management and Cable access TV Producer; Scott Rakowski, CPA for Rakowski and Company; and Carolyn Wiker, Head of Adult Services at the Pottstown Public Library
Registration begins at 6:45 pm, and all classes start promptly at 7:00 pm.
Each session costs $25. A manual on preparing a business plan will be available for $20. A special price of $100 is offered for the 4 courses as a package, and this includes the manual. As an added bonus, there is a 50% discount off the workshop fee for each additional person.
This has been an extremely successful and well-attended workshop. Early paid reservations guarantee a seat. For more information or to register, call the Pottstown SCORE office at 610-327-2673 or visit the website at www.pottstownscore.org.
Don’t Be Your Company Leader in Name Only
“Just wait ‘til I’m the boss…”
That sentiment has helped sustain many aspiring entrepreneurs through the process of getting their small businesses up and running. Among the many benefits of small business ownership is the opportunity to do things “the right way” when it comes to employees and customers.
Once in charge, however, many small business owners find that leading, managing, and motivating others involved with the business aren’t as easy as they sound. One reason is widespread confusion about the difference between “managing” and “leading.” Leadership experts say they are two very different roles, even though most small business owners consider them the same.
“Managing” implies structure, control, rules, deadlines and efficiency, says Ken Blanchard, best-selling author of The One Minute Manager. But according to Blanchard, “leadership” is nearly the opposite of “management.” Leading requires actions that are more experimental, unstructured, visionary, flexible and passionate. Managers and leaders think and behave differently.
Blanchard and his partner Drea Zigarmi spent seven years studying how business leaders exert influence and how their values, beliefs and personalities contribute to their success—or failure. Through it all, one finding was clear: A one-size-fits-all style of leadership does not exist.
Owning a business automatically puts you in a position of leadership. Your goal is to engage employees, partners, vendors, investors, independent contractors or other participants in your venture in a course of action that helps achieve a mutually shared vision. But being in a leadership position does not necessarily make you a leader.
Many entrepreneurs turn to management techniques to enlist the minds and muscles of the people they lead, but fail to capture an equally important component—their hearts. If you merely work to focus activities of followers and fail to engage them in a purpose, you won’t likely be seen as a good leader.
“The first step to becoming a better leader is to study yourself and get honest, unfiltered feedback about how you are doing from the people you lead,” says Blanchard. “You cannot effectively lead if you do not know your own values.”
Learning when and how to provide direction (defining roles, setting goals and priorities, scheduling, and evaluating results), and support (seeking input, listening, offering praise and encouragement, sharing information, explaining decisions, and helping others solve problems) is an ongoing process for even veteran small business owners. Employees, vendors, and customers all change; you need to make your leadership skills flexible as well.
Today’s post was a guest post from our local Pottstown SCORE office. For more leadership ideas, contact SCORE “Counselors to America’s Small Business.” SCORE is a nonprofit organization of more than 10,500 volunteer business counselors who provide free, confidential business counseling and training workshops to small business owners. Call 610-327-2673 for the Pottstown SCORE office, or visit www.pottstownscore.org on the internet.
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