SCORE Helps Small Business Succeed

1. SCORE Helps Small Business Succeed Stephen Cohen, Chair Pittsburgh SCORE Chapter October 29, 2009

2. SCORE Can Help Your Mission • SCORE can assist an entrepreneur getting started as well as assisting an ongoing concern succeed in business • Are you working with a contractor having trouble in today’s recession? SCORE Can Help! SCORE Pittsburgh

3. Small Business Success Factors • Many factors support success: a focused business plan, hard work, quality products and services • But Often Lacking: Advisors SCORE is here as part of the community to offer expert, FREE professional business advice. SCORE Pittsburgh

4. SEEK OUT SCORE COUNSELING • SCORE “Counselors to America’s Small Business” is proud to be the one advisor that entrepreneurs can turn to for real-world advice that’s based on the experience of managing and leading companies—both large and small. SCORE Pittsburgh

5. Mentoring A Business • A SCORE counselor can help: • Think through business challenges and opportunities • Assemble a counseling team with experts • Serve as a sounding board • Provide long-term “Board of Directors” advice SCORE Pittsburgh

6. SCORE • 11,200 volunteers at 370 local offices, including one right here in Pittsburgh • 41 Chapters in the MARC Region • Services: • Counseling (Individual & Team) • Workshops & Seminars • Online/E-Mail Counseling SCORE Pittsburgh

7. History • Established by the Small Business Administration in 1964 • Since then, have counseled more than 8 million entrepreneurs • SCORE’s mission is to aid in the formation, growth and success of small business. SCORE Pittsburgh

8. Who Are SCORE Volunters? • Working and retired business managers and owners • From major corporations and small business owners • SCORE counselors can offer your clients an economic context to help them plan for success • Guided by a Code of Ethics SCORE Pittsburgh

9. How We Help • Our counselors listen and ask questions to learn more about their business. • Then, the counselor will give them advice and help them think through strategies to success. SCORE Pittsburgh

10. Group Mentoring We Need Your Help • SCORE Pittsburgh would like to expand our Business Basics Workshop offerings to address specific topics that would be of interest to your members. • We will conduct the session, for free. • You can even charge an admission fee, if necessary. SCORE Pittsburgh

11. Example: Triage - Helping A Business Survive • Framework for decision making and resource allocation • Resources are allocated based on relative importance to outcome goals • Categorized as Red, Yellow, Green SCORE Pittsburgh

12. Triage: RED • Prepare the owner • Stabilize the Business • Determine what went wrong • Reorganize the Business around a profitable “Core” SCORE Pittsburgh

13. Triage: YELLOW • Prepare a written turnaround plan • Restructure debts & obligations • Execute the plan SCORE Pittsburgh

14. Triage: GREEN • Grow the Business • Sell the Business • Everything Else SCORE Pittsburgh

15. Prepare the Owner • Include the family • Explain to spouse what is involved and the time commitment • Agree on how to measure success • Set a “Drop Dead” date • Prepare a detailed family budget • Communicate, Communicate, and then Communicate SCORE Pittsburgh

16. Stabilize The Business • Cash Tourniquet • Use 6 week Cash forecast • Know how much money there is including outstanding checks • Maintain positive balance • Owner must personally sign all checks and approve all purchases SCORE Pittsburgh

17. Stabilize The Business II • Generate more Cash • Collect money faster • Stretch Accounts Payable • Sell excess assets if available • Factor Accounts Receivable SCORE Pittsburgh

18. Resources • www.scorepittsburgh.com • www.score.org • SCORE Expert Answers • SCORE eNews • www.sba.gov • How To Really Start Your Own Business Workbook SCORE Pittsburgh

19. Count on SCORE as a Resource • Counseling • In Person • E-Mail • Workshops & Seminars At SCORE, We’re Here to Help SCORE Pittsburgh