SCORE Minnesota

With the economy improving…

March 17, 2011

… Are you ready to make the move?

With the improvement in the economy during the 4th quarter of 2010 and the forecasts for 2011, the business outlook is gradually improving. Credit is loosening, consumers are beginning to spend, and the job picture is getting better – slowly, but still getting better. This looks like the beginning of an expansionary period.

What this means is that now may be a good time to pursue that business idea you’ve been kicking around. A few years ago, success would have been much harder to achieve, even if you were able to prepare and kick-off a new business. In order for cash flow to begin, people need to pay for what you offer – either in goods and/or services. When the US economy sank into recession, the entire flow of goods and services “recessed”, because the payments cycle slowed, and this was experienced by well established, existing businesses and startups.

The timing is important if you are just beginning. In order to have a reasonable chance, there needs to be health in the markets you are serving. When your business is slow, the owner always has the gnawing question to answer: Is it my business, or is it the economy? At least there’s evidence now that the economy is improving, which increases your chance of success, and allows you to focus on business results.

If you are ready to set started, there is help available, and you can be at any stage of development – from startup to existing to growth or change initiatives. The SCORE organization has resources for you – experienced Counselors and a Business Planning Center, all free of charge. The SCORE organization also offers seminars on topics such as business planning, marketing, financing, accounting, and websites/social media. These seminars are offered at a small charge. They can be quite valuable as a refresher, or if you need to get more knowledgeable on a topic.

As we move deeper into 2011, I expect business to strengthen in all aspects of our economy. You’ll be able to see it as you go about – there will be a busy-ness to commercial organizations, we’ll see “help wanted” signs again, and those “For Lease” properties will start to fill with occupants. The financial press will continue to report on the progress. These are the signs of an improving economy – are you ready to make the move?

To contact the a SCORE Chapter in Minnesota, go to www.score-mn.org, or call 651-632-8937

Rick Schmidt is a Mentor in the SCORE – St Paul Chapter and Partner at Decisionmakers.bz

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Filed under: Business Planning,Entrepreneurship,Start-Up

Tags: Business Planning, entrepreneurs, score, small business