This article is provided by the Greater Scranton Area SCORE chapter.

Broad economic slowdowns can often trickle down to small businesses, including those in relatively stable industries or geographic locations.  Individuals tend to cut back on discretionary spending while corporations curb routine activities, delay major purchases, and shelve new initiatives.

For many small businesses with limited resources, these and other factors often combine to pressure bottom lines past the breaking point, creating a domino effect of other dilemmas such as a credit crunch or layoffs.

A downturn doesn’t have to spell disaster for your small business, however.  Good financial management practices will help you weather even the worst of economic times, and be ready to capitalize on new opportunities will inevitably come with good times return. (more…)

This article is provided by the Greater Scranton Area SCORE chapter.

As you launch or expand a business, keeping track of the money, preparing tax returns and performing other financial tasks can quickly become a burden. If you need more time to do other things, it might make sense to turn over tax, accounting and other financial chores to outside specialists. (more…)

This article is provided by the Greater Scranton Area SCORE Chapter.

Small business owners often try to save money—especially in the early going—by using independent contractors instead of hiring full time employees. Using independent contractors, or “contract workers,” means the business doesn’t have to withhold taxes, pay Social Security or Medicare or meet numerous other employer responsibilities. (more…)

This article is provided by the Greater Scranton Area SCORE Chapter.

Owners of new and growing small businesses today know one thing for sure: conditions on the business playing field can change rapidly. The technology that seemed cutting edge last year is now outdated; or worse, obsolete. Buyer moods can swing dramatically, and marketing strategies are in constant flux. (more…)

This article is provided by the Greater Scranton Area SCORE Chapter.

E-commerce sales by small businesses are increasing rapidly and could double, triple or more during the next five years. Web sites are no longer a novelty; they are a necessity for small firms, solo operators and home businesses of almost any type. (more…)

This article is provided by the Greater Scranton Area SCORE Chapter.

For a small business, taking the first steps into advertising can be an intimidating and mysterious process. Even though we see advertising everywhere, creating and using ads ourselves can seem alien and expensive. Understanding how the medium works and what it can and cannot do for a small business is tougher than it seems. And there is always uncertainty over results.  (more…)

This article is provided by the Greater Scranton Area SCORE Chapter.

Choosing to go into business for you is a major decision that usually means a commitment to hard work and long hours.  As you struggle to build your business, however, you also must be careful not to overdo it and succumb to business owner burnout. It’s vital to take some time off to recharge your personal batteries. (more…)

This article is provided by the Greater Scranton Area SCORE Chapter.

Some small business owners believe they can stand out with just a great product and exceptional service, and that they are too small to create a “brand.” But to set your business apart—no matter how small—branding is a vital strategy in today’s competitive marketplace. (more…)

This article is provided by the Greater Scranton Area SCORE Chapter.

It can be frustrating for a small business trying to land its first sale to a public institution, government agency or major corporation. One of the most helpful steps—meeting personally with the right person—is often the most difficult to take. But a fast-growing program from the U.S. Small Business Administration (SBA) is offering hope to small business owners. (more…)

This article is provided by the Greater Scranton Area SCORE Chapter.

Everyone knows that backing up computer files is important, and most of us will face a computer crisis of some type sooner or later. But simple laziness, or perhaps a lack of information and belief that backups are too costly or time-consuming cause business owners to put it off.  And that can have disastrous consequences. (more…)