Small Business Marketing Strategies for Oregon Businesses

Small Business Marketing Strategies for Oregon Businesses

Small business owners often don’t have big marketing budgets to work with, which can make promoting products or services a challenge. The good news is that there are many ways to market your company that cost little or nothing but can still significantly impact your bottom line.

Below are our top small business marketing strategies.

1. Set Up a Google My Business Listing

Having a Google Business profile is one of the most effective and free marketing strategies available for local businesses. This allows your business to show up on Google Maps, the local section of Google Search, and the right-side Knowledge Panel for branded searches. 

For your business profile to show up higher on Google Maps or local results, you’ll need to optimize it by claiming verified ownership—which can be done through your Google My Business account.

With a Google My Business profile, you can share details and photos of your business, including its location, contact information, and services and products offered. Whether you’re looking for foot traffic or web traffic, Google is the ultimate search referrer and helps people find your business when looking for products and services like yours in their area.

Your Google Business profile also allows customers to share reviews and ratings about their experience with your business, which helps attract potential customers through their Google search results. Be sure to share your Google My Business link with your customers and encourage them to leave reviews.

You can set up your Google My Business profile here

2. Make the Most of Social Media Marketing

Having a prominent social media presence is no longer optional for small businesses—it’s a marketing must. Social media helps define your image, promote your business, gain clientele, and build relationships.

It’s best to start with one or two social channels that cater to your target market and ideal audience instead of trying to master all the different platforms at once. Once you learn one and do it well, add another. Be sure to leverage the latest trends on your platforms, like posting Facebook Stories, Instagram Reels, etc.

Some ideas on what to post include promoting your blog posts to drive traffic to your website, running polls and requesting feedback, and sharing client testimonials. 

While it’s OK to post recycled content once in a while, be sure to publish original content, too, including your own videos and photos, and share valuable tips and information. 

Tagging your loyal customers, partners, and vendors on social networks can broaden your business’s organic reach to a new potential audience, help you grow your following, and potentially attract new customers. 

When creating the “About” section on your business social media pages, make sure you get it right. This means creating a compelling description and optimizing the text by utilizing keywords that boost its SEO rank.

Managing multiple social media accounts, creating engaging content, posting consistently, responding to user comments and questions, and keeping up with trends can be a full-time job. Consider hiring an experienced social media manager or outsourcing the work.

3. Engage Your Audience Via Email and Text Marketing

Sending messages about your products or services via email and text is a powerful way to turn leads into customers and foster loyalty. Building successful email/SMS marketing campaigns is critical for any company and is the most effective method for reaching people interested in what your business is offering.

As a small business owner, your email list, including current and prospective customers, is one of your most valuable assets. That’s why building a customer contact list should always be a top priority. 

For customers, it’s easy to click “Follow” on social media, but they aren’t always eager to give out their email address. To get more emails and phone numbers, offer an email/text opt-in on your website, start a monthly email newsletter, and offer discount codes in exchange for providing their contact information.

When it comes to email and SMS marketing, prioritize quality over quantity. An inbox flooded with promotional messages is likely to annoy a customer into unsubscribing, while a small number of messages with valuable content can boost engagement. One of the best ways to do this is to place a coupon in your messages.

Still, great content doesn’t guarantee that recipients will open your message. To improve audience engagement, open rates, and conversions, put thought and effort into the subject line, call to action, and the email’s design. 

Before sending out a marketing email, always send a test email to yourself to preview what it will look like from a customer’s perspective. This ensures that any formatting issues get caught and addressed before the email goes out to your entire list.

4. Deliver Promotions Through Direct Mail Campaigns

Direct mail may be more costly than email marketing, but if you have a targeted list and promote appealing offers, it can be very effective—and profitable. Direct mail also has a longer life span than email marketing, which has a life span of just a few seconds. RetailWire reports that direct mail’s average life span is 17 days.

Some marketing ideas for direct mail include sending a postcard or brochure promoting your business, discount coupons, a gift card, or small branded items with your company’s logo. People hang on to things they can use, so putting your logo on items like magnets, pens, notebooks, and stress balls means more exposure for your business.

You can also time your direct mail campaigns around your customers’ birthdays. Send them special coupons or promo codes to acknowledge their big day. You can send both email and direct mail birthday coupons and compare the results. You may get a better response from an email campaign, but promotional emails often get lost in people’s busy inboxes.

5. Reward Existing Customers and Create a Referral Program

Your current customers are your most valuable resource, especially as they are your primary source of referrals and reviews. A referral from a current customer is the best kind of lead you can get, and a positive review from that customer can pay dividends for years.

One of the best ways to source new leads is to tap your existing network. Reward your repeat customers with loyalty programs that incentivize referrals and discounts. 

To encourage current and past clients to refer you to their family, friends, and co-workers, offer them an incentive, like a gift card, free product or service, or another reward that will motivate them to send referrals your way. 

Word-of-mouth marketing is one of the most trusted and powerful strategies for growing your small business.

The Oregon SBDC Network is here to help small business owners throughout the state. Visit OregonSBDC.org to locate a Center near you and access our no-cost advising services today!

Why You Need Small Business Insurance

Why You Need Small Business Insurance

Small business insurance, also commonly referred to as commercial insurance, is designed to protect the business you’ve invested your time, money, and effort into building. Having insurance assures small business owners that they’ll be safeguarded against claims and lawsuits.

Why Do You Need Small Business Insurance?

Business insurance is highly recommended for all businesses. In fact, it is required by law for certain professional fields, such as healthcare, which also requires professional liability coverage. This is also known as malpractice insurance. In other professions, a contract may require that businesses be insured.

Unfortunately, businesses can be sued for almost anything, even if they’ve done nothing wrong. For instance, if someone slips and falls in a place of business, or if a client feels that they were not provided the services committed to them, a business could find themselves facing an insurance claim or possible lawsuit.

Without the protection of insurance, a small business owner would likely have to pay out of pocket when facing insurance claims. Should your small business not have the resources to be self-insured or the capital to cover such claims, it could lead to business failure.

The good news is that business insurance may cover the majority of these expenses, including legal defense for the business owner. This is why small business insurance is an important and necessary investment to protect a business and its assets.

What Kind of Business Insurance Do You Need and How Much Does it Cost?

The business insurance a company needs depends on the type of business it is. Most businesses need general liability insurance. If you offer professional guidance, you may also need professional liability insurance. If you own equipment to operate your business, like computers or machinery, you may consider a business owner’s policy (BOP) which combines general liability with business property coverage. Small business insurance costs depend on the business type and size, the policy and coverages selected, and many other factors.

The 10 Most Common Types of Small Business Insurance

These are the top 10 types of insurance coverage to consider for your small business, some of which may be required by Oregon state law:

1. General liability insurance

General liability insurance helps protect businesses from claims relating to bodily injury or damage to someone else’s property. For example, if a customer gets injured in your store, this coverage may help to pay for their medical costs.

Many small business owners get a general liability policy that includes product liability insurance. This can protect your business against bodily injury or property damage claims caused by your company’s products.

2. Professional liability insurance

Professional liability insurance, also known as errors and omissions insurance or E&O insurance, can cover claims on mistakes made in the professional services your business provides. Doctors, accountants, lawyers, and architects are often targets for these types of claims.

This is because the errors made by these professionals end up being quite expensive for their clients to resolve. If a client or customer sues your business, professional liability insurance can help cover your legal costs.

3. Business income coverage

Business income coverage, also known as business interruption insurance, can help replace lost income if your business becomes unable to operate due to property damage caused by a fire, storm, or theft. For example, a florist whose flowers die after their refrigerator malfunctions may be able to recoup lost income with this type of insurance.

4. Commercial property insurance

Commercial property insurance, also called hazard insurance, can cover your owned or rented business space and the equipment used to conduct your business. For instance, if someone breaks into your office and steals your business computers, commercial property insurance can help cover the costs to replace this equipment.

5. Workers’ compensation insurance

Many states, including Oregon, require businesses with full-time or part-time employees to have workers’ compensation insurance. This kind of insurance can cover medical bills for on-the-job injuries and work-related illnesses and provides disability benefits to employees. Many policies include employers liability insurance, which may help to cover costs when an employee blames their employer’s negligence as the cause of their injury.

For business owners who do not have employees, you may need to self-insure for worker’s compensation depending on your industry. Be sure to address your individual needs with an insurance professional.

6. Commercial auto insurance

In Oregon, all business-owned vehicles must have a commercial auto insurance policy, which covers the cost of accidents involving work vehicles. Oregon has minimum requirements for auto liability insurance, which include:

  • Bodily injury liability
  • Property damage liability
  • Uninsured motorist coverage
  • Personal injury protection

The minimum requirements may not suffice, though, so be sure to get the right amount of coverage for your individual business needs. Trucking companies may need additional coverage to comply with state regulations.

If a business owner or their employees use their personal vehicles for work purposes, you may also consider hired and non-owned auto (HNOA) insurance, as personal auto policies usually exclude business use. This coverage can be added to commercial general liability insurance or business owner’s policies (BOPs).

7. Data breach insurance

Data breach insurance, also called cyber liability insurance, can help your business respond to a breach of personally identifiable information getting lost or stolen. It helps cover costs for actions such as notifying impacted customers or clients, running a public relations campaign to repair your business’s reputation, and/or offering credit monitoring services.

8. Commercial umbrella insurance

Commercial umbrella insurance extends the limits of certain liability policies that your business already has. For instance, if a claim’s cost exceeds your policy’s limit, a commercial umbrella policy can help cover the difference.

9. Employment practices liability insurance

Employment practices liability insurance, also referred to as employers’ liability insurance, helps cover the costs resulting from employment-related claims, such as discrimination, sexual harassment, and wrongful termination.

10. Business owner’s policy

A business owner’s policy (BOP) is one of the most common types of business insurance. It combines general liability insurance, commercial property insurance, and business income insurance into one policy.

Do I Need Insurance for My Oregon Small Business?

The short answer is yes. Most small businesses may need some type of coverage that protects against:

  • Bodily injuries
  • Property damage
  • Car accidents
  • Lawsuits

Your home and your business are likely your largest investments, and having the right business insurance is just as important as protecting your home with homeowners insurance. Without insurance, you risk financial losses or even the shutdown of your business.

How to Get Small Business Insurance

The following steps can help you find an insurance policy that best meets the needs of your business:

1. Conduct a risk assessment.

Determine what kind of accidents, natural disasters, or lawsuits could damage your business. Once you assess your risks, it can help you determine what aspects of your business need the most protection.

2. Find a licensed insurance agent.

Commercial insurance agents can help you find the coverage that best matches your business’s needs. Remember that insurance agents receive a commission from insurance companies they sell policies for, so it’s essential to find a licensed agent who keeps your best interests in mind. It’s recommended that you meet with your insurance agent on an annual basis to review your policies and find the right coverage as your business continues to evolve and grow.

3. Shop around.

Insurance quotes can vary significantly from one insurance provider and policy to the next. You should always compare the rates, terms, and benefits of various policies from multiple agents. If you choose not to work with a licensed insurance agent, it’s recommended that you get at least three business insurance quotes to find the best rate for the coverage you’re seeking.

4. Reevaluate each year.

The more your business grows, the bigger your liabilities become. If you have purchased or replaced equipment or expanded your operations, you’ll need to inform your insurance agent of these changes and how they may affect your coverage and insurance costs. Be sure to include this as part of your annual business plan review!

Need More Advice?

Having small business insurance is a crucial aspect of protecting your business. Be sure to seek expert advice from your licensed insurance agent for any questions relating to your unique needs as a small business owner.
The Oregon Small Business Development Center Network is committed to building Oregon’s best businesses. Our 20 regional Centers and Global Trade Center assist small businesses throughout Oregon with advising, classes, and access to the resources they need to be successful. Each Center is backed by our statewide support network, helping small businesses access the proper assistance wherever they are in Oregon. Connect with your local SBDC at OregonSBDC.org.

How to Prepare Your Business for Capital Funding

How to Prepare Your Business for Capital Funding

Financial Literacy Month

By Noah Brockman, Oregon SBDC Network Capital Access Team

There are several steps small business owners seeking funding should take to prepare for acquiring capital. In this article, you’ll find a checklist of “to-dos” for accessing capital. If you have questions or need support, the Oregon SBDC Capital Access Team is here to help!

Revisit Your Household Budget

Consider your monthly income and expenses. Have there been any changes recently? Think about how business income contributes to your household income, and make sure to review your personal and business credit. With these factors in mind, consider whether your financial profile will be acceptable to prospective lenders.

Get Clear About Your Funding Needs

Having clarity about how much you need and how funds will be used is vital as you prepare for business funding. How much cash do you already have available, and will you have sufficient personal and/or business cash reserves after your cash injection? It’s also important to think about the time frame for funding.

Create a Startup Budget

If you’re just starting your business and need funding to launch, this to-do is for you! If you haven’t already, make a startup monthly budget that indicates all revenues, cost of sales, and expenses. It’s helpful to prepare a list of any new business assets you need to get started, such as inventory and equipment.

Create a Project Budget

For those who are already in business and require capital to grow, make a project budget to outline your funding request by asset type—such as inventory, equipment, tenant improvements, and/or permanent working capital.

Evaluate Your Current Situation

Already in business? Need cash for working capital? Take a look at your business to see where you might already have some cash tied up, such as A/R or inventory. Review your fixed overhead expenses to assess any cuts you can make to reduce your cash expenditures. You may also want to look at your gross profit margin to see if it’s on par with your industry average and determine if you need to make any adjustments to COGS or pricing.

Determine Your Financial Projections and Cash Flow

Whether you’re starting or growing your business, it’s a good idea to put together at least a 12-month financial projection/cash flow budget showing anticipated revenue, cost of sales, expenses, profits, owner draws, and debt service payments to share with funders. If possible, a 24-month projection is even better. Try to be conservative, and make a list of your underlying assumptions.

Understand the Types of Funding Available to You

Familiarize yourself with different types of funding and how they fit with different scenarios. For an overview of traditional and nontraditional funding, click here.

Assess Your Position for Debt or Equity

Are you in a position to borrow? What collateral will the lender use to secure the loan? How will you pay it back? Pull your credit report to ensure that there are no hidden surprises. Consider whether you have owner equity (cash) to put in. Having at least 10% is a great start.

If you’re already in business, is the business profitable? If you’re not interested in taking on debt, are you seeking an equity investment? Ask yourself what return on investment you can offer to investors.

Develop or Update Your Business Plan

Whether you are starting or growing your business, it’s vital to develop a business plan to share alongside your financial projections to help funders understand your vision. At the Oregon SBDC Network, our business advisers can help you create a comprehensive plan to move your business forward.

Organize Your Business Documents and Paperwork

For existing businesses, make sure your financial statements are up to date, and gather past year-end business financials, as well as personal and business tax returns. For new businesses, gather your organizing documents, any industry-specific licenses, and any insurance or lease documentation.

If you are seeking guidance on the best path forward, the Oregon SBDC Network can provide assistance. Connect with your local Center and register for confidential, no-cost advising on your funding options and in all areas of your small business.

Tips on How to Start a Small Business in Oregon in 2022

Tips on How to Start a Small Business in Oregon in 2022

Everything You Need to Know About Starting a Small Business

In order to become a successful entrepreneur in Oregon, it’s important to first understand how to start a small business.

While some of the steps to bring your small-business idea to market will depend on the type of industry you choose and the products or services you will be providing, every business will need to follow these essential steps:

  1. Identify your business idea.
  2. Research your idea.
  3. Refine and test your idea.
  4. Set up your business.
  5. Write your business plan.
  6. Get your finances in order.
  7. Choose a business location.
  8. Build your website.
  9. Find your customer base.
  10. Prepare for challenges.

Read on to learn more.

Identify Your Business Idea

When considering how to start a small business, it’s important to remember that a great business starts with a great idea. However, even in the ideation stage, there are several approaches you can consider.

When developing your small-business ideas, you can take something you’re passionate about—like a hobby—and turn it into a business. For example, if you love puzzles and care about quality and design, you might consider manufacturing your own brand of puzzles. If you love to bake, perhaps you have a dream to open your own bakery.

Another way to approach your small-business idea is by solving a problem. Perhaps your area is growing in tourism but doesn’t have enough accommodations. If you have extra space at your home or can buy an investment property, this may be an opportunity for you to explore hospitality as a business venture. Finding a need in your community is a fantastic place to start.

You can also generate small-business ideas through brainstorming. Write down any idea that comes to mind—big or small—and refine your idea in the next phase.

No matter how your business idea comes to mind, remember to be realistic about the demand and scalability of your potential business.

Research Your Idea

The next step in how to start a small business is to do some market research and take a hard look at the demand for your business idea in order to ensure that it’s viable before you spend time and money developing your business.

Questions you should seek answers to during this phase include:

  • Is there a need for this product or service?
  • What is currently available in the market?
  • How competitive is this industry, and who are my top competitors?
  • What is needed to turn my idea into a reality?

Conducting market research for your small-business idea will be helpful when you begin writing your business plan.

Refine and Test Your Idea

Testing your idea is a crucial aspect of starting your business. You can provide your service to a few people and get valuable feedback on how it’s working. If you are manufacturing a product, you can create a prototype and learn what works—and, just as importantly, what doesn’t. You can also find out how much potential customers might pay for your product or service. From there, you can refine your business idea.

Set Up Your Business

Next, it’s time to set up your small business, which has several steps within this phase.

You will first want to choose a business name. It’s important to choose a business name that is available for use in Oregon, which you can check through the Oregon Secretary of State’s website. Businesses can also obtain a federal trademark, so it’s a good idea to search the U.S. Patent and Trademark Office (USPTO) for similar business names to yours.

Next, you will need to choose your business structure. Your business structure will influence your registration requirements, your tax responsibilities, and your personal liability. Choosing the right business structure will provide the right balance of legal protections and benefits.

Common business structures include:

  • Sole proprietorship
  • Partnership
  • Limited liability company (LLC)
  • C corporation (C corp)
  • S corporation (S corp)
  • Benefit corporation (B corp)
  • Close corporation
  • Nonprofit corporation
  • Cooperative

Once you have identified your business name and business structure, you can apply online for your business’s federal employer identification number (EIN) through the IRS and register your business in Oregon. This will allow you to apply for the necessary business licenses and permits.

Write Your Business Plan

Writing a business plan is a crucial step to starting any business. It’s a foundational tool that helps to map out your plan for success and guides you through the stages of beginning and operating your business.

There is no right or wrong way to write a business plan—it simply needs to meet your needs and the needs of your business. It can cover anything from high-level overviews about various aspects of your business to more detailed information such as your operational plans and finances.

Topics you may consider including in your business plan include:

  • Executive summary
  • Overview of the company and its objectives
  • Market analysis
  • Company organization
  • Overview of services or products
  • Marketing and sales strategy
  • Logistics and operations
  • Financial projections

You should think of your business plan as a living document, designed to be reviewed and adjusted over time.

Get Your Finances in Order

Being able to manage your finances well will be critical to the success of your small business. One way to get off to the right start is to ensure that you separate your personal and business expenses.

Open a separate business checking account, which can be used to receive payments and to pay for business-related expenses and overhead. LLCs, partnerships, and corporations are required by law to have a separate bank account for business. While sole proprietors are not legally required to have a separate account, it’s highly recommended, and your future self will thank you come tax season!

You may also want to consider opening a business credit card and will be required to do so if your business structure is a corporation or an LLC. Building credit is important for having the ability to secure future funding should you need it.

You’ll then need to develop a bookkeeping system and set up important processes, such as how you’ll get paid by your customers.

At this stage, consider your knowledge, skills, and abilities to:

  • Keep accurate records
  • Analyze timely financial reports
  • Prepare sales forecasts and budgets
  • Track and analyze key financial indicators
  • Structure debt effectively

If you’re unsure about how to manage the day-to-day bookkeeping and accounting responsibilities for your business, you should know that the Oregon SBDC offers resources and ongoing classes for small-business owners to get a handle on their finances and accounting basics, including the Small Business Management Program, which provides a combination of a classroom setting and one-on-one coaching to help make you and your business more successful.

Additionally, businesses will need to secure external business financing through a line of credit, a small-business loan, or other means. The Oregon SBDC’s Capital Access Team can help you access the funding your business will need through specialized business advising.

Choose a Business Location

If you are planning to operate a brick-and-mortar business, choosing a business location is one of the most important decisions you will make before launch, because it will determine the taxes, zoning laws, and regulations your small business will be subject to.

Consider your business’s target market, your personal preferences, and the costs, benefits, and restrictions of different government agencies.

Costs that can vary significantly by location include:

  • Standard salaries
  • Minimum wages
  • Property values
  • Rental rates
  • Business insurance rates
  • Utilities
  • Government licenses and fees

Additionally, local zoning ordinances, taxes, and government incentives will also vary.

Build Your Website

Regardless of what type of small business you’ll be operating, having a website as part of your online presence will be important in building your credibility with your customer base.

As you prepare to build your business website, the first step is to obtain a good domain name. That means finding a URL that is easy to spell, as short as possible, and memorable. Be sure to research the domain name to see if a similar web address already exists. Additionally, check with the USPTO to ensure that you haven’t included any registered trademarks.

Your website should clearly showcase your business products or services in an memorable and engaging way that drives results. Beautiful graphics that are compressed and optimized for fast loading, easily accessible calls to action (such as “Buy now” or “Call now” buttons), and an intuitive navigation system should all be considered as you create your site. Implementing search engine optimization (SEO) practices to ensure that search engines index and rank your website will also help with your business’s visibility.

Find Your Customer Base

Now that the groundwork of how to start a small business has been laid out, it’s time to find your potential customers.

Before you can build your customer base, you will need to know who your ideal customers are. Develop a plan for acquiring customers by understanding how your typical customer would find a product or service like yours. This may include building a presence on social media, using email marketing, working with local newspapers, or finding in-person networking opportunities.

It’s also helpful to research successful competitors to see where they advertise and other strategies they use, as those may be beneficial for your own business efforts.

Prepare for Challenges

When you’re learning how to start a small business, one thing to keep in mind is that there will always be unforeseen obstacles. The market and technology are constantly changing, and the most successful entrepreneurs are ones who are flexible and willing to adapt to their customers’ needs.

As a new business owner, you may also learn that there are aspects of your business that you aren’t sure how to manage. Don’t be afraid to ask for help! The Oregon SBDC is here to support entrepreneurs as they prepare to start their own businesses and can provide crucial business advising at no cost.

No matter the type of challenge you may be facing with opening your small business, the Oregon Small Business Development Center Network can help you turn your small-business idea into a reality! Connect with your local SBDC to learn more at OregonSBDC.org.

How to Use SBDC Small-Business Mentoring to Start or Grow a Business

How to Use SBDC Small-Business Mentoring to Start or Grow a Business

Advising and mentorship at the Oregon Small Business Development Center Network

A business mentor is an experienced and trusted adviser who can provide support and advice when it’s needed. Whether they’re starting or growing your small business, entrepreneurs can benefit from small-business mentoring and can put a small business on the right track toward success.

Luckily, finding an experienced small-business mentor is as simple as connecting with the Oregon Small Business Development Center Network.

Free advising services

Our mission at the Oregon SBDC is to provide expert advice, training, and resources for small-business owners through 20 conveniently located centers throughout Oregon.

One of the many benefits of connecting with your local Small Business Development Center is the free advising services for business owners.

Tap into the insight of our knowledgeable team of advisers, and receive valuable small-business mentoring through this no-cost service.

Advising is confidential and can cover a variety of topics, including:

  • Strategic planning
  • Business support
  • Understanding and analyzing business financials
  • Hiring and scaling your operations
  • Intellectual property concerns

Our advisers understand how to start a small business in Oregon—and how to scale it when you’re ready. They can support you with individualized advice at every stage of your small-business venture.

Starting a company

It’s one thing to have a great business idea and another to actually start a business. Often, first-time entrepreneurs are unsure where to begin.

The Oregon SBDC has several tools available that help to streamline the process of creating and running your business, and one such tool is LivePlan.

This business planning software can simplify:

  • Creating your business plan
  • Budgeting and forecasting
  • Tracking performance

With customizable functions, hundreds of sample plans, and the ability to connect to other accounting software like QuickBooks, LivePlan can help you plan, fund, and grow your business.

As part of our small-business mentoring services, small-business owners can access this valuable software through their adviser.

Growing your business

If your small business is ready for growth, the Oregon SBDC can help guide you through the process of expanding it to the next stage.

GrowthWheel is a visual toolbox for decision-making and action planning for start-ups and small businesses, designed to build your business in a simple, action-oriented process that stays true to the way most entrepreneurs think and work.

It tackles the ongoing challenges that businesses across industries face in each stage of their life cycle and helps to map out business decisions.

The best part? It’s available at no cost to clients who work with our advisers as part of the benefits of small-business mentoring through the SBDC.

Understanding your market

When you work with a small-business mentor at the Oregon SBDC, their expertise in your local area will help you understand the market in which you operate.

For a more in-depth look, the Network’s Market Research Institute provides customized research reports and market intelligence for established businesses that anticipate growth.

Small-business owners will have access to data that will help them:

  • Identify opportunities
  • Better understand the competitive landscape
  • Refine business plans
  • Make smarter, more informed business decisions.

Based on your individual needs and goals, the institute’s market research report will encompass a range of topics and market analyses for a customized marketing plan with no direct cost to you!

Your adviser can help you understand and create a plan around your custom report, from industry trends and statistics to geographic analysis and supply chain information.

Finding and securing financing

When it comes to funding for your business, you want to ensure that any advice you receive is relevant to you and will help you succeed.

The Oregon SBDC’s Capital Access Team (CAT) is made up of specialized advisers located throughout the state who provide expert advice on accessing capital to foster economic growth and resilience.

When you connect with the CAT, you’ll be mentored by experts to help you:

  • Assess readiness for funding to determine next steps
  • Advise on business planning and projections to be “funder-ready”
  • Discuss and advise on different finance strategies
  • Provide financial analysis and feedback as needed
  • Advise on funding package documentation
  • Assist clients with funder relations and connections

The Capital Access Team has helped Oregon businesses successfully access more than $255 million in capital since its founding in 2010.

Small-business mentoring is available at each of our 20 Centers. To learn more about our network and how we can help you start a business or grow your existing small business, visit www.OregonSBDC.org.

Small Business Tips for 4th Quarter Planning

Small Business Tips for 4th Quarter Planning

Time flies when you’re running a business—it’s hard to believe we’re heading into the 4th quarter! To ensure business success through the end of the year, NOW is the time to prepare if you’re a small business owner. Here are some small business tips for 4th quarter planning:

  • Check in on your inventory and operations.
  • Organize your 4th quarter marketing strategies.
  • Plan your year-end client and customer appreciation.
  • Review your year-to-date goals.
  • Get your financials in order for tax planning.

Check on Your Inventory and Operations

Small business owners should ask themselves these questions NOW to build their 4th quarter plan and to save time and money in the long run:

  • Do you have the inventory you need?
    Supply chain issues are causing delays across the board, regardless of industry, so it’s important to plan ahead for your inventory needs.

  • Is your online store ready?
    Review your website and ensure the user experience is simple and in working order. Having an online store is one way to pandemic-proof your business as we move into the winter season.

  • Have you factored in your staffing needs?
    Many industries in Oregon are experiencing labor shortages at the moment, making it important to think ahead about your labor needs.

Organize Your 4th Quarter Marketing Strategies

The holiday season offers many opportunities for small businesses to amp up their promotions. Planning your marketing strategies ahead of time will help business owners make the most of 4th quarter sales.

Some specific days small business owners should consider taking advantage of in the 4th quarter include:

Black Friday, November 26, 2021
Black Friday is one of the busiest shopping days of the year. Last year, consumers reportedly spent $9 billion on this day alone! Plan ahead, and be prepared for an influx of business.

Small Business Saturday, November 27, 2021
Small Business Saturday is a day to celebrate and support small businesses and all they do for their communities. Think about how you can participate and encourage your community (and beyond!) to support your small business.

Cyber Monday, November 29, 2021
Consumers are increasingly going online to shop for items big and small, and Cyber Monday has gained popularity over the years for online sales. If you have an online store, think about ways your small business can participate on this day.

Ideally, your holiday marketing strategies should encompass all of your communication channels, including your website, social media, and public/media relations.

If you have an email marketing list, think about how you might nurture your current and potential customer relationships through holiday messaging as part of your marketing strategy. If community engagement is a focus, consider partnering with a local charity to spread the holiday cheer! Just be sure to plan ahead, as these types of initiatives can take time.

It’s always a good idea to map out your marketing strategies in advance.

Plan Year-End Employee and Customer Appreciation

Speaking of the holidays, the 4th quarter is a great time for small business owners to show employees and customers your appreciation for their support throughout the year.

If you’re planning to give holiday gifts, set up a holiday function, or provide bonuses, be sure to plan well in advance so that any gesture of appreciation is well thought out and doesn’t feel rushed to the recipient.

As mentioned earlier, inventory is being impacted and delays can be expected, so if you’re planning to give physical gifts, it’s especially important this year to order these gifts ahead of time.

Evaluate Your Year-to-Date 2021 Business Goals

Small business tips for 4th quarter planning wouldn’t be complete without checking in on where your business stands:

  • Have you met your goals?
  • Does something need to shift to stay on track?
  • Set aside some focused time on your calendar to review your business plan and check in on your goals year-to-date.

This is the time for small business owners to finish up any business projects in progress. You might be in the middle of redesigning your website, or maybe you’re integrating a new point of sale system.

Whatever the task, this is a great time to wrap up any projects that may be lingering in the background so that you can take time in the 4th quarter to focus on setting yourself up for business success in 2022.

Get Your Financials in Order for Tax Planning

Tax planning takes place year-round, but it’s especially important in the 4th quarter if you plan to make investments in your small business before the year ends.

Here are some small business tips related to tax planning:

  • Be organized
    It’s key that your receipts and all important documentation you’ve collected throughout the year are neatly organized for tax season. It’s a good idea to use accounting software (e.g., QuickBooks) to track your finances.

  • Be ethical
    Report all income and business expenses. Do not mix your personal expenses with business expenses.

  • Plan ahead
    Learn of any recent tax code changes, and find out how these changes will impact you and your business. Now is the time to get your finances in order and set an appointment with your trusted bookkeeper, accountant, or CPA.

Following these small business tips for 4th quarter planning will help you finish the year strong and set yourself up for business success in 2022.

The Oregon SBDC Network is here to help small business owners plan for success throughout the year. Find the SBDC closest to you to access the resources you need for your Oregon small business to grow and thrive by visiting OregonSBDC.org.