How to Take Advantage of the Stimulus Package For Small Business

The coming economic downturn is a time to consider starting a small business. If you are an entrepreneur, the most important aspect of your business is finance. Your ability to survive and succeed depends on a sound financial footing. Starting a small business requires adequate funding and smart business finance techniques. You should consider some tips for finance during these tough times.

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How to Take Advantage of the Stimulus Package For Small Business

The coming economic downturn is a time to consider starting a small business. If you are an entrepreneur, the most important aspect of your business is finance. Your ability to survive and succeed depends on a sound financial footing. Starting a small business requires adequate funding and smart business finance techniques. You should consider some tips for finance during these tough times.

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* Business Finance Tips – Avoid the Recession with a solid business finance plan. Small businesses are particularly susceptible to sudden economic downturns due to the fact that most businesses are usually seasonal in nature. Therefore, during times of economic instability, you can successfully begin a small business.

* Pandemic Business Grants – The US government is offering some $500 million in federal stimulus money to support small businesses during the current recession. However, the availability of grant funding will be dependent upon the existing federal infrastructure programs as well as individual state budgets. If the economic outlook worsens, the availability of grants could be limited. As long as you qualify, the grant money you obtain can be used to upgrade computer technology, hire workers, buy new equipment or expand your business. To apply for this funding, visit the Small Business Administration website or call your state office.

* Recruitment and Retention Plan – Small business owners should not wait to grow their staff. Because of the recession, many small businesses have been forced to downsize or eliminate employee positions. To attract and retain qualified employees, small business owners should implement an effective talent acquisition strategy. To achieve this goal, develop a comprehensive talent plan and implement a compensation and recruitment program that is consistent with the local labor market.

* Take Advantage of the Business Opportunity – Even though the current recession is affecting many small businesses, it’s an opportunity that shouldn’t be missed. Visit your local small business community and take advantage of the economic discussions. There are many small businesses that have been affected by the recession in some way. Ask your local chamber of commerce, if they’re having any take advantage fund events. Also, be sure to check the Internet daily for any announcements about local business take advantage fund events.

* Increase General Customer Traffic – During down times, it’s important to increase customer traffic because it’s an indicator of overall business health. Try implementing a variety of marketing strategies, including social media marketing, email promotions, and even direct mail campaigns. Some ideas include creating unique content, submitting them to article directories, and making sure your website is easy to navigate.

* Create A Business Plan – To succeed in business, you need a business plan. Small business owners should always have a business plan at the forefront of their mind and consider it when making major decisions. The Small Business Administration even has a number of tools that can help you develop an effective business plan.

* Get Involved – Participating in local and regional politics is another great way for small business owners to stay informed. Contact your local chamber of commerce to get involved with upcoming business events and upcoming legislation. There are many upcoming legislation and regulatory changes affecting small businesses. Being proactive is essential for being successful.

* Mandate Tax Credit – Some small businesses have been affected by the hurricane and are seeking low-interest loans from federal agencies. The hurricane’s aftermath resulted in mandating federal mandates (the “Mandate Tax Credit”) for certain manufacturers. These mandates tax credits could be very beneficial to small businesses as well as their employees. To qualify for the tax credit, manufacturers must sell a certain percentage of their manufactured goods within the United States to eligible retailers at a discount. If you’re eligible, it could be worth hundreds of thousands of dollars.

* Join or Create an Association – Many local businesses are memberships are beneficial to their members as well as the larger business community. Join or create an organization of like-minded business owners. These organizations often work together on issues important to both the local businesses and their customers. Many local businesses have formed the Network of Entrepreneurs (NEO) and are a great source of information to help you obtain grants, business plans, and assist with the creation of your business plan. There are also professional organizations such as the Small Business Development Center (SBDC) in your area that can help you navigate through the process of applying for grants. They are also a great resource for information on how to hire successful independent contractors.

These are just a few of the many tools available to local small businesses that can be used to take advantage of the economic stimulus package. It’s unfortunate that Congress hasn’t taken advantage of these opportunities in order to provide new jobs and stimulate our economy. By using whatever tools are at your disposal to create and grow your business, you will be able to pay less in taxes while creating greater wealth for yourself and your family. Every small business should be thinking about these issues. Now is the time to take advantage.

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