Small business owners and the financial records payoff
Just the other day, I had a discussion with a local small business owner about where his money went. His financials showed he made a profit, but he did not have it in his bank account. As we talked, I asked questions about his record-keeping. He pulled out his checkbook and indicated that that was his method of keeping records. I asked about balance sheets, cash flow and profit and loss and he was hooked to learn more.
Missouri Food Finder
COLUMBIA, Mo. – The Missouri Food Finder (www.MOFoodFinder.org) is a new online tool that easily connects Missouri consumers with people growing and selling locally produced food in their region. (Note: Since initial publication of this news release the site has been renamed Show Me Food and can be found at ShowMeFood.org.)
Tips for dairy herd safety during COVID-19
COLUMBIA, Mo. – University of Missouri Extension dairy specialist Stacey Hamilton and veterinarian Scott Poock used to repeat one word to students and workers at MU’s Foremost Dairy Research Center. “Intake. Intake. Intake” has given way to “Sanitize. Sanitize. Sanitize.”
MU Soil and Plant Testing Lab still open and serving Missouri agriculture
COLUMBIA, Mo. – For now, the University of Missouri Soil and Plant Testing Laboratory remains open.“We understand the essential role the lab plays in supporting Missouri's agricultural industry,” said Robert Kallenbach, MU Extension senior program director for agriculture and environment. “If we can continue to operate safely, the MU Soil Testing Laboratory in Columbia will continue to accept samples.”
COVID-19 and farms
MU Extension specialists offer guidelines and tips for COVID-19 safety on the farm.
Farmers face unique safety risks during COVID-19
COLUMBIA, Mo. – Farmers and ranchers face unique safety risks as COVID-19 continues to spread.The predicted peak of the COVID-19 outbreak likely will hit as spring planting season shifts into high gear, says Rusty Lee, University of Missouri Extension field specialist in agronomy.Physical distancing becomes difficult as farmers receive seed and chemical deliveries, Lee says.
MU Extension specialists on coping with COVID-19's financial impact
COLUMBIA, Mo. – University of Missouri Extension faculty recently appeared on NBC affiliate KOMU-TV, Columbia, to talk about financial aspects of the COVID-19 crisis, which has hammered the stock market and shuttered countless businesses and workplaces. In these installments of KOMU's "COVID-19 Town Hall" series, they offer information on saving and investment strategies, safeguarding your finances, and where individuals, families and…
Show Me Resilience
Show Me Resilience. In challenging times, Missourians come together. This simple phrase illustrates how University of Missouri Extension and communities across the state are showing up for each other. People, businesses and communities across Missouri are working together in innovative and engaging ways – bringing the resources of the University of Missouri to the people who need them.
The three pricing strategies for small business owners
A question that frequently comes up in my counseling sessions is, “What can I charge for this?” After a few discussions and cost gathering, we arrive at a true cost. Honestly, there are only three pricing strategies a small business owner can use in any situation: everyday low price (EDLP); high price, high value; and market parity.
Who really are your customers?
When I was in the advertising business, I would always ask my clients, “Who are your customers?” “Everyone” was a common response. Even if I questioned further, I received the same response. I would finally start to talk about categories — like their most frequent customers or those who only came in at specific times of the year — and we would start to get a better picture.
Coupons still a solid small business sales strategy
Coupons are the most common sales promotional tool used by businesses. Their usage continues to grow each year, as they provide a way for the consumer to save money while offering the retailer a way to grow and retain sales. The coupon has consistently proven to be an effective business tool.
How to set your business apart from your competition
As I spend time with friends, I often hear them say, "There is no unique place to go shop these days. They all have the same stuff." To which I reply: "Why do you shop where you do?" This at times leads to an interesting dinner conversation. But it always reminds me that many business owners may not know how to set themselves apart from the competition at little or no cost.
Small business succession planning means success in small towns
Many small rural towns in Missouri have a large population of aging baby boomers. They are retiring at the rate of 10,000 per day or over 4 million annually, according to the Washington Post. But what are they doing with their business assets when they retire?
Where did my cash go?
That's a question many small business owners ask themselves way too often. In other articles, I have written about balance sheets and income statements as financial tools to help entrepreneurs manage their businesses. But what if that entrepreneur could predict how much cash would be coming into and going out of the business on a monthly basis? Or better yet, be able to look months down the road and have an idea of the intake and…
The calla lily image way of marketing
Many small businesses advertise because they know they should. Only a few put any planning into the ads beyond what they want to say. This lack of planning causes the business owner to miss out on some of the best advantages of advertising.
Business planning 101
Developing a business plan is hard work and at times a daunting task for business owners. However, business planning can help move any company or small business forward. "Why write a business plan?" you may ask. There are many reasons why writing a business plan is essential to any owner.
The secret to a successful business plan
As a current or future small business owner, you will experience the opportunity to write a business plan. It is not an evil invention of the financial or business industry full of hoops to jump through in order to delay your dreams. It is a tool to help you evaluate your idea’s potential before you talk to the bank or share it with other potential partners.
Branding your local business
As we think of a company, what do we remember about it? The logo, the slogan, the price or the experience we have with the store or product? For most shoppers, it is the experience they have that they remember the most and for the longest, particularly if it was helpful in solving a need or involved a pleasant impulse purchase.
Making your ad more creative
We sometimes see an ad that really catches our eye or ear and think, “Why can’t I come up with something like that?” You can, if you follow some time-honored points in advertising creative strategy.The five points for better creative advertising are:
Your banker and your small business
Many small business owners have mixed feelings about their bankers. One day they are happy and the next day they are upset with them. Plus, many small business owners are unaware of how to work with bankers other than to go in and ask for money when they need it. They do not know the importance of keeping the banker in the loop on many decisions affecting the owner’s small business.
Balance sheet – Does it matter to a business?
One of the three forms a business owner often does not understand is a balance sheet. This form is one of the best methods for an owner to determine the financial health of a business and possibly start to see where to improve the business.
10 do's for website promotion
The internet has become a household tool that it seems everyone knows how to use. Even first graders know how to wiz around on the web faster than I do sometimes. But while it is now a commonplace part of our lives, do you effectively use it as a small business owner to benefit your own business?
Using your website to generate repeat traffic
Many small businesses have their own website now. In fact, it is often the first marketing tool used by owners to help increase sales over traditional marketing efforts. Unfortunately, many websites, once hosted, are never changed or updated to keep attracting repeat traffic to the site. This lack of updating causes people to find the site stale and not return to it.
“Missouri Directory of Historic and One-Room Schools” is now available for purchase
The "Missouri Directory of Historic and One-Room Schools" has been published and is now available for purchase on Amazon.com or at the University of Missouri Extension Center in Greene County in Springfield.
Put your best fork forward: National Nutrition Month
National Nutrition Month is a nutrition education campaign launched each March by the Academy of Nutrition and Dietetics. The campaign expanded from National Nutrition Week to National Nutrition Month in 1980 to reflect growing professional support and increased public interest in nutrition. The goal of the campaign is to reiterate the basics of healthy eating and to celebrate the expertise of registered dietitian nutritionists.