Kevin Hammond's Blog (9)

There is a common misperception that only very large companies are capable of innovation. If you are small, there is just no way to be innovative. It’s too expensive, it’s too risky and it takes a lot of people. The truth, however, is that you got where you are today – an entrepreneur or small business owner – through creativity, risk-taking, team building…

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One of the most asked and basic questions I have gotten over the years as a business consultant goes something like this: ‘How do I get my business set up and get all the licenses I need?’ That question is often followed up with a concern about taxes or payroll and the perceived difficulty in doing all of this. Since the regulations to set up and maintain a business are set by local, state and federal legislation, there is a perceived challenge is assuring compliance. After all, few people…

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You surely have thought of new product ideas that stem from your everyday life. “My idea is the perfect solution for that problem,” you say to yourself. We all have ideas all the time for new products and better solutions than existing products offer. But few people act on those thoughts. Maybe it’s because you think it will be too hard or someone else must of thought of this before. Well, you are right: it will be hard, and someone may have thought of it already. But I’ve heard it said that…

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A continuous theme I hear from small company operators is a misunderstanding of their current financial picture. It’s understandable. Your focus is on driving sales and improving your company’s secret sauce. As long as there is money in the bank account and sales coming in, financials take a back seat.

One favorite pastime of mine is financial planning and analyzing financials, whether it be personal finances or companies. Since I enjoy this so much (yea, I know right) and have…

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We at the SBDC get a lot of clients asking for help in the "I need a loan to start or sustain my business" department. Many of us SBDC Consultants have banking or finance backgrounds so we are able to help in navigating the loan process by understanding what loans are out there and what it takes to qualify. That being said, if your credit score is in the tank, your chances of getting a loan are slim to none. The best place to check your credit report for free is here:… Continue

Cash flow can make or break a small businesses. Businesses require money to operate and in tough times, like those we are currently facing, cash can get tight. Most businesses at some point, have to borrow money, whether it be for much needed new equipment or to cover a temporary cash flow gap.



Maybe you are in need of financing for a new line of products or an overall company expansion. Or you need financing for seasonal inventory or commercial real estate. If you are under… Continue

Offering a new product line without a marketing plan can spell disaster for a fledgling business. Small businesses are on constrained budgets, and therefore, do not have the financial resources of big businesses that can handle a failed product line. For each new line of products or services your small business offers, a marketing plan needs to be developed to determine how the product will get into the customers’ hands.



A marketing plan helps a business organize a written strategy… Continue

If you listen or read mainstream media, you may be wondering if deciding to start a business now is a bad idea. After all the stock market just finished the worse week in it’s history, large financial institutions are needing rescued, many companies are rapidly cutting their workforce, etc, etc. I personally have had a few clients just this week contact me saying that based on the current economic events, they have decided to put their starting of a business on hold. While I do understand this… Continue

If that's your answer when asked 'where is your business plan,' you may have a problem.



How long has it been since you updated your business plan. If your answer is, “I don’t have a business plan,” then your business is really only coasting along aimlessly. We have all heard that failing to plan, by default, means you are planning to fail, rather than planning for success. Whether you are a new venture or existing business, you need a plan.



Without a roadmap for your… Continue