Some Advice on Web Search Marketing

If you are a retail store, or a service business, do you really need a website?  Some say that you do, and several reasons are outlined in the article below.

Click here to access an article from Business News Daily “Even for Brick-and-Mortars, Web Search Marketing is Key”. 

This article also gives you pointers on Search Engine Optimization and Search Engine Marketing.  The author warns against the use of hyperbole in your website and the importance of using words your customers would use if they were to search for you online.  You can track traffic to your website through Google Analytics, which is free.

The content of your website is important; don’t forget to use appropriate words and phrases for your website metatags and for search engine “spiders” to spot.  Use words and phrases your customers are apt to use when they look for you on the internet.

New Seminar at the LSBAC: “UNLOCKING YOUR PROFITABILITY WITH ACCOUNTING”

New Seminar: “UNLOCKING YOUR PROFITABILITY WITH ACCOUNTING” Do you really understand what numbers can tell you about your business?   This seminar is designed to help you make sense of it all and make better business decisions!  You must register for this event.  Space is limited!   There are some basic business metrics that every business person should know by heart.  Here’s a list: What are my sales?  What are my goals and budgets? What are my fixed costs? What are my variable costs? What is my breakeven point? What is the ageing of my receivables? What is the cost of goods sold percentage? What are my top 10 best sellers? How much do I have tied up in inventory? What does my cash flow look like for the next three months? IF YOU DON’T KNOW THESE NUMBERS YOU ARE RUNNING A BUSINESS BUT YOU’RE NOT MANAGING IT!  To register, call (978)322-8400

Event Info 88 Middle Street, Room 202 Lowell, Massachusetts 01852 Tuesday, December 7th and Thursday, December 9th 6:00PM-8:00PM

Retirement Plans for Small Businesses

The U.S. Department of Labor and the American Institute of Certified Public Accountants (AICPA) have joined forces to develop a website to help small businesses select a retirement plan for their employees and themselves.

The website, called “Choosing a Retirement Solution for Your Business, is at http://www.choosingaretirementsolution.org/  and covers a range of plans from very simple to more complex.  The website will take you through a series of steps that help you make a decision.  Also on the website are links to useful resources such as “360 Degrees of Financial Literacy” found at http://www.360financialliteracy.org/.

City of Lowell Opens Development Services Office

In order to facilitate the zoning and permitting process for small businesses, the City of Lowell has consolidated all the permitting, zoning, and licensing departments into one office called the Development Services Office. 

The Development Services Office is located at City Hall, 375 Merrimack Street, on the second floor.  It includes the following departments, some of which have moved from other parts of the city:

Historic Board

Inspectional Services Department (including wire inspection and electrical permitting)

Permitting and Code Enforcement

Health Department

Health and Sanitary Code Enforcement Inspectors (including restaurant and food permits and licensing)

Zoning Department

Lowell Planning Board Office

Development Services Office contact number: (978)674-4144

Link to more information:

http://www.lowellm a.gov/newsitems/city-of-lowell-dpd-opens-development-services-office

Don’t Make These Mistakes When Applying for a Bank Loan

Are you thinking of applying for a bank loan or have you applied and been turned down?   An article in October’s issue of Smart Business Houston (www.sbnonline.com) titled “How to Position Your company for a Business Loan” lists common mistakes people make in applying for a loan:

There are several mistakes businesses make when applying for a loan, including:

• Withholding personal guarantees. If the business owner does not trust his own business, why should the banker? A personal guarantee shows the bank that you’re willing to share the risk.
• Providing an incomplete and/or inaccurate application package and not correcting or providing the needed information in a timely manner.
• Not knowing your personal and business credit rating. Before even going to a bank to ask for an application form, make sure you know where you stand, especially in this environment where fraud is prevalent.
• Making a loan request without a clear explanation of the intended use of funds. Banks want to see that you know exactly what your needs are and how a loan will meet those needs. Also, don’t ever ask for ‘the most I qualify for’ on an application.
• Applying only to the most convenient lender or just at your current bank. Shop around at two or three banks, but don’t go overboard and drop an application at every single bank.
• Failing to offer some form of equity or collateral. Again, you want to show the bank that you’re willing to share the risk.
• Not having a team of good advisers, including CPAs, attorneys, business/commercial bankers and specialized insurance agent/brokers, that understand your business model and will help you minimize risk. You can’t do it all on your own.
• Not having a solid business plan and realistic projections. Be prepared to show what you will do in the best, probable and worst case scenarios, especially when it comes to startups and for SBA expansion loans. An SBA guarantee does not mean that banks will make loans that do not make sense.
• Having no experience whatsoever in the field in which you’d like to start a company.

Healthcare Tax Relief for Small Businesses

Follow this link to a recent Business Week article about deducting health insurance expenses for 2010:

http://www.businessweek.com/smallbiz/content/oct2010/sb20101011_393281.htm

To qualify, you must be buying your own health insurance and you must be paying self-employment taxes on your business.

Center to Start Microloan Program

Last year the Lowell Small Business Assistance Center received a US Small Business Administration grant to set up a small business microloan fund for Lowell and the surrounding communities.  In  a highly competitive process, the Center was selected as one of three Massachusetts organizations and one of only fifty-eight organizations nationally to receive a Program for Investment in Micro-Entrepreneurship grant.

With lending infrastructure in place, the Center will be accepting applications for small business loans at the end of November.   For the first year of the microloan program the Center will be accepting applications from established businesses only.  As the program grows, the Center will be able to loan to qualified start-ups as well.

Call the Center at (978)322-8400 for more information.  We will be proving more information on this program shortly.

The Massachusetts Supplier Diversity Office

The Massachusetts Supplier Diversity Office (SDO),  formerly known as SOMWBA (State Office of Minority and Women Business Assistance), is the affirmative action and certification agency for businesses in Massachusetts.  They will certify that your business is either minority-owned or women-owned (but not both for the same business; you have to choose one or the other)

The process of getting your business certified is a long one (up to 90 days) and involves a lot of paperwork.  However, being certified can be quite beneficial as long as: (1) your products or services are the types needed by buyers in affirmative buying sectors, and (2) you actively search contracts through Comm-Pass, the State’s online solicitation service (www.Comm-Pass.com) once you have been certified.  Navigating Comm-Pass is also a complicated process and trainings are routinely offered regarding this service.

The SDO covers areas of State contracting that involve goods and services as well as construction and design.  For example, if you sell office supplies, have a cleaning service, own a construction company, or have a sign company – there are lots of types of businesses that that could become subcontractors.  However, becoming certified does not guarantee that you will get a contract.

Prime contractors are contractors who have direct contracts with the State.  They are required by law to use a certain percentage of vendors themselves who are women or minority-owned.  So even if you don’t receive a contract directly with the state, there is plenty of opportunity to work with a prime contractor or even a subcontractor to one.  Businesses may also form a Joint Venture and partner to bid for a contract together, although this is not very common.   

The application process begins with the submittal of your application (found at www.mass.gov/sdp).  You will then receive an email acknowledging receipt.  Please note: you must follow directions on the application exactly and submit exactly what they ask for or your application will be pulled out which will delay the process for a month.  If everything is in order, you will be assigned a specialist who will both interview you over the phone and set up a site visit.  Your application will then be submitted to a committee for a final decision.

To be qualified as a woman or minority-owned business you must own at least 51% of the business and you must be the “full-time, day-to-day manager of the company, making financial, managerial and operational decisions of the highest order”.  This will be verified during the site visit. 

Here is some useful contact information for the Supplier Diversity Program:

www.mass.gov/sdp

(617)973-8692

SDP Help Desk: SDP@state.ma.us or (617)720-3359

Legal Help for Small Businesses

If you need help on issues such as forming your business, preparing contracts or buying and selling a business, there are two Boston-based resources you can use:

One is the Transactional Law Center of Harvard Law School located at 1563 Mass. Ave in Cambridge.  Phone number: (617)998-0101.  The Transactional Law Center handles issues such as commercial leases, real estate transaction, copyright and intellectual property and other law matters.  They also specialize in entertainment legal matters!

The Lawyers’, Committee for Civil Rights provides legal workshops and clinics and if they are able, will meet with you one-on-one.  They will help you form a corporation, draft contracts, secure a trademark, and more.  We are planning on having them give a clinic here at the Center November 2nd.  Their phone number is (617)482-1147 and their website is www.lawyerscom.org.  They are located at 294 Washington Street, Suite 443 in Boston.

The Small Business Jobs Act

On Thursday the House of Representatives passed the Small Business Jobs Act. A vote to ratify the bill passed the Senate last week and it will now go to President Obama who says he will sign it.

The Small Business Jobs Act is intended to provide increased access to credit for small businesses, as well as provide tax credits to encourage small business hiring. Designed to encourage community banks to increase lending to small businesses, a $30 billion fund was set up to provide banks with capital.

Portions of the Small Business Jobs Act had already been implemented by the Small Business Administration as part of the economic stimulus package put forth by the Obama Administration. However, funds for the program ran out this past may. Features of the bill such as waiving fees on SBA-backed loans and allowing the SBA to guarantee up to 90% of a loan’s value were also part of the economic stimulus package.