SCORE Helps Small Business Succeed Stephen Cohen, ChairPittsburgh SCORE Chapter October 29, 2009

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 todays recession?

SCORE Can Help!

Small Business Success FactorsMany 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.

SEEK OUT SCORE COUNSELINGSCORE Counselors to Americas Small Business is proud to be the one advisor that entrepreneurs can turn to for real-world advice thats based on the experience of managing and leading companiesboth large and small.

Mentoring A BusinessA SCORE counselor can help: Think through business challenges and opportunities Assemble a counseling team with expertsServe as a sounding board Provide long-term Board of Directors advice

SCORE11,200 volunteers at 370 local offices, including one right here in Pittsburgh41 Chapters in the MARC RegionServices:Counseling (Individual & Team)Workshops & SeminarsOnline/E-Mail Counseling

HistoryEstablished by the Small Business Administration in 1964Since then, have counseled more than 8 million entrepreneurs SCOREs mission is to aid in the formation, growth and success of small business.

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

How We HelpOur 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.

Group Mentoring We Need Your HelpSCORE 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.

Example: Triage - Helping A Business SurviveFramework for decision making and resource allocationResources are allocated based on relative importance to outcome goalsCategorized as Red, Yellow, Green

Triage: REDPrepare the ownerStabilize the BusinessDetermine what went wrongReorganize the Business around a profitable Core

Triage: YELLOWPrepare a written turnaround plan

Restructure debts & obligations

Execute the plan

Triage: GREENGrow the Business

Sell the Business

Everything Else

Prepare the OwnerInclude the familyExplain to spouse what is involved and the time commitmentAgree on how to measure successSet a Drop Dead datePrepare a detailed family budgetCommunicate, Communicate, and then Communicate

Stabilize The BusinessCash TourniquetUse 6 week Cash forecastKnow how much money there is including outstanding checksMaintain positive balanceOwner must personally sign all checks and approve all purchases

Stabilize The Business IIGenerate more CashCollect money fasterStretch Accounts PayableSell excess assets if availableFactor Accounts Receivable

Resourceswww.scorepittsburgh.comwww.score.orgSCORE Expert Answers SCORE eNews www.sba.govHow To Really Start Your Own Business Workbook

Count on SCORE as a ResourceCounselingIn PersonE-MailWorkshops & Seminars

At SCORE, Were Here to Help