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SCORE Helps Small Business Succeed

SCORE Helps Small Business Succeed. Stephen Cohen, Chair Pittsburgh SCORE Chapter October 29, 2009. SCORE Can Help Your Mission. SCORE can assist an entrepreneur getting started as well as assisting an ongoing concern succeed in business

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SCORE Helps Small Business Succeed

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  1. SCORE Helps Small Business Succeed Stephen Cohen, Chair Pittsburgh SCORE Chapter October 29, 2009

  2. SCORE Can Help Your Mission • SCORE can assist an entrepreneur getting started as well as assisting an ongoing concern succeed in business • Are you working with a contractor having trouble in today’s recession? SCORE Can Help! SCORE Pittsburgh

  3. Small Business Success Factors • Many factors support success: a focused business plan, hard work, quality products and services • But Often Lacking: Advisors SCORE is here as part of the community to offer expert, FREE professional business advice. SCORE Pittsburgh

  4. SEEK OUT SCORE COUNSELING • SCORE “Counselors to America’s Small Business” is proud to be the one advisor that entrepreneurs can turn to for real-world advice that’s based on the experience of managing and leading companies—both large and small. SCORE Pittsburgh

  5. Mentoring A Business • A SCORE counselor can help: • Think through business challenges and opportunities • Assemble a counseling team with experts • Serve as a sounding board • Provide long-term “Board of Directors” advice SCORE Pittsburgh

  6. SCORE • 11,200 volunteers at 370 local offices, including one right here in Pittsburgh • 41 Chapters in the MARC Region • Services: • Counseling (Individual & Team) • Workshops & Seminars • Online/E-Mail Counseling SCORE Pittsburgh

  7. History • Established by the Small Business Administration in 1964 • Since then, have counseled more than 8 million entrepreneurs • SCORE’s mission is to aid in the formation, growth and success of small business. SCORE Pittsburgh

  8. Who Are SCORE Volunters? • Working and retired business managers and owners • From major corporations and small business owners • SCORE counselors can offer your clients an economic context to help them plan for success • Guided by a Code of Ethics SCORE Pittsburgh

  9. How We Help • Our counselors listen and ask questions to learn more about their business. • Then, the counselor will give them advice and help them think through strategies to success. SCORE Pittsburgh

  10. Group Mentoring We Need Your Help • SCORE Pittsburgh would like to expand our Business Basics Workshop offerings to address specific topics that would be of interest to your members. • We will conduct the session, for free. • You can even charge an admission fee, if necessary. SCORE Pittsburgh

  11. Example: Triage - Helping A Business Survive • Framework for decision making and resource allocation • Resources are allocated based on relative importance to outcome goals • Categorized as Red, Yellow, Green SCORE Pittsburgh

  12. Triage: RED • Prepare the owner • Stabilize the Business • Determine what went wrong • Reorganize the Business around a profitable “Core” SCORE Pittsburgh

  13. Triage: YELLOW • Prepare a written turnaround plan • Restructure debts & obligations • Execute the plan SCORE Pittsburgh

  14. Triage: GREEN • Grow the Business • Sell the Business • Everything Else SCORE Pittsburgh

  15. Prepare the Owner • Include the family • Explain to spouse what is involved and the time commitment • Agree on how to measure success • Set a “Drop Dead” date • Prepare a detailed family budget • Communicate, Communicate, and then Communicate SCORE Pittsburgh

  16. Stabilize The Business • Cash Tourniquet • Use 6 week Cash forecast • Know how much money there is including outstanding checks • Maintain positive balance • Owner must personally sign all checks and approve all purchases SCORE Pittsburgh

  17. Stabilize The Business II • Generate more Cash • Collect money faster • Stretch Accounts Payable • Sell excess assets if available • Factor Accounts Receivable SCORE Pittsburgh

  18. Resources • www.scorepittsburgh.com • www.score.org • SCORE Expert Answers • SCORE eNews • www.sba.gov • How To Really Start Your Own Business Workbook SCORE Pittsburgh

  19. Count on SCORE as a Resource • Counseling • In Person • E-Mail • Workshops & Seminars At SCORE, We’re Here to Help SCORE Pittsburgh

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