The hardships brought about by the COVID-19 pandemic have forced business owners to adapt, using innovation and determination to keep customers coming back.
2022 is poised to be an economic improvement over the previous two years, and with that in mind, the US Small Business Administration (SBA) has provided some tips to keep your business on track this year:
- Write out your business plan – The proper business plan can help you conceptualize your vision, while proving to lenders and investors that you have a solid foundation for your ideas. The SBA offers a free online How to Write a Business Plan course.
- Explore your funding options – There are a variety of funding options, from SBA microloans to 7(a) and 504 loans. Lender Match, SBA’s free online referral program, connects small businesses with more than 800 participating SBA-approved lenders.
- Create a marketing strategy – An effective marketing strategy will help get customers talking about your products or services. SBA’s online Marketing 101 training course covers topics such as identifying target market, conducting market research, establishing a marketing plan and the basics of social media marketing.
- Get a second opinion from an expert – A business mentor can be very valuable. SBA resource partners offer free business mentoring, counseling and training — both remote and in-person.