A SWOT analysis can be a great tool to help you analyze your business. It doesn’t matter if you’ve been in business for years or just starting out, it’s important to truly understand the environment your company operates within. You may think its business as usual but the business environment is constantly changing. It is vital to recognize that and all aspects of your business including the target market, competition and your company’s capabilities.
Need some business resources to help start and run your small business? Listed below are “Free” business resources to help you do more with less. If you know of more free business resources, please add them below in comments. Free Online Accounting and Small Business Bookkeeping Software:
What key activities, products or services can you leverage to create greater profitability in your business? A good strategic alliance partner will have products or services that complement your company’s products or services. One of the fastest and most effective business growth strategies is supplying your lead generation system with a number of strategic alliances.
Affordable health care has been a concern for many small businesses that care about their employees. It is has been estimated that small businesses pay on average 18% more in health insurance cost for their employees than large companies.
According to the SBA, the average small business spends $103,000 in business development to get their first federal contract. The sales cycle for getting a federal contract can be very long and very expensive. Government procurement officers tend to be risk adverse. They believe the larger the company, the less risk. This philosophy, of course works against the small business. Due to the average length of time and cost it takes to get a federal contract, small businesses must be strategic in their approach and do their homework.
Strategic Partnering allows a company to gain competitive advantages by gaining access to a partner's resources and assets such as technologies, markets, employees and capital.
Collaboration or teaming is an extremely important concept in the world of government contracting. With funding being cut and government agencies seeking to lower their procurement cost, the ability to team with others becomes more and more important. It’s no secret the raising government debt will cause the federal budget to become tighter and tighter. To help compensate for the tight budgets, government agencies will bundle or consolidate contracts in an attempt to lower their cost and save time within a procurement office that is often overworked and shorthanded.
Businesses across United States are struggling to stay in the black and keep their companies from running in the red. The economy continues to sputter, going up one day and down the next. Although there are some businesses expanding, there are a greater number that are not. If your business is in the non-expansion mode and more in the just trying to survive mode, you need to learn how to hold on until better days arrive.
Allen Carter, owner of Lexington Contracting, had a very modest beginning when he started his construction company eleven years ago. His first year i