At Growth Capital, we always resolve to connect clients with the right small business resources. In the spirit of the New Year, we suggest small businesses consider the following five resolutions:
- Review annual business plans
- Pursue new small business loans
- Access small business resources
- Invest in technology
- Create continuity
Review annual business plans
Small businesses owners who put time and energy into annual business plans should take a moment this month to review and update plans as needed. They can start by answering the five key questions below:
1. Is the business staying true to my vision?
2. What did I learn in the past year that will help me in the year to come?
3. What are my specific goals for next year?
4. What resources do I need to accomplish my specific goals?
5. What should I do to ensure I have the capital for my goals?
Pursue new small business loans
Congress recently approved an end-of-year COVID-19 relief package. This package provides $284 billion in Paycheck Protection Program (PPP) loans that are available until March 31, 2021 and $2 billion in Economic Injury Disaster Loans.
Of note is that the relief package sets aside $35 billion for borrowers who were unable to apply for an initial PPP loan. The set-aside includes $15 billion for smaller borrowers with up to 10 employees, loans of up to $250,000 in low-income areas, and $25 billion for second PPP loans for the same small borrower category.
Access small business resources
There are many organizations dedicated to small business success. These resources range from national government organizations such as the Small Business Administration (SBA) to trade associations such as the National Federation of Independent Businesses (NFIB) to Ohio-based small business support:
The SBA has helped small business owners and entrepreneurs since 1953 with access to capital, entrepreneurial development, government contracting guidance, and small business advocacy.
Small Business Trade Associations
Launching and building a small business is challenging work. Fortunately, there are several organizations dedicated to ensuring their success.
Small businesses can benefit from having advocates that highlight small business issues or concerns. NFIB serves as the voice for small business at the national and state legislative levels. SCORE is a national nonprofit organization that connects small businesses and volunteer business experts.
Ohio Small Business Resources
Some small businesses may qualify for grants to start and support a business. USGrants.org is an online portal for business grants, including those available on a state-by-state basis.
Invest in technology
The pandemic brought new focus on the use of technology in small business. In some cases, small businesses had to shift their models from brick-and-mortar to online sales and service to retain customers. In other cases, they needed to upgrade technology to meet remote workforce needs.
In any case, ecommerce and remote workforce technology needs are likely to continue, requiring small businesses to maintain strong platforms to stay competitive.
Build a business continuity plan
Making the time to build a business continuity plan will pay off in the long run. As noted by Forbes in a recent article, 2020 demonstrated all the ways that unexpected events can disrupt operations.
Regardless of the time of year, the Growth Capital team’s goal is to help small businesses fulfill their dreams. Whether it’s the start of a new year or a new opportunity, we’re always interested in learning about our clients’ businesses.
To contact the Growth Capital team, give us a call at (216) 592-2332 or fill out our online contact form. We look forward to learning about your business and how we can help.