Business Growth

The growth of your business is a wonderful thing. Follow our tips to handle your business growth with MWBEzone.com and Uhelpfund.

  1. Anticipate potential growth
  2. Communicate changes with employees
  3. Maintain a good balance of investment and profit

First, it is imperative to be organized in order to anticipate potential growth. For example, say you are running a pharmacy and you are used to filling 200 scripts a day. Let’s say business explodes and you start doing up to 500 scripts a day. You must consider: Do you have stock? Do you have man power? Do you have counter space? Together, these things will determine whether you can get the scripts done in a timely manner and keep business booming.

Next, an influx in money comes with changes in policies and procedures. You must communicate these changes to your employees. If your workers know which functions to perform in which situations, business will run more smoothly. So, while the pharmaceutical business as a whole is still booming, pharmacy law changes all the time. If your pharmacy techs don’t know which actions to perform, you may be penalized by state or federal law.

Finally, keep a balance between what you invest in the business and what you save. It’s not great to just sit on money, especially if you are running a business. If business is doing well, why not reward customers by revamping a part of the store front? Or, update your services. You must watch your money, though. Don’t overspend.

If you follow these 3 tips to stay afloat during times of growth, you will do well. If you think you don’t need help during a time of growth, you’re wrong. This is because these are the times when you need to anticipate growth, communicate, and maintain a balance of investment into your business.

If you’re a growing business and looking for grants, you will find them here:

Small Business

Workforce

If you have a business, product or service idea that would benefit the greater good, you should start a crowdfunding project on Uhelpfund and allow the people to contribute.

About the Author: Sabeen is a Masters in Public Health and currently writing for MWBEzone.com and its affiliated websites.

Small Business Startups

Small business startups, are you having trouble figuring out where to begin? MWBEzone and GrantWatch.com have grants for community-serving businesses. We update our grants daily, so just because you don’t find anything today, it doesn’t mean you won’t find it tomorrow.

This article was written in response to the many calls from people starting up businesses who are wondering about the first step to take.

Let’s say you’ve thought up a brilliant invention or service. Or, you just want to open a mom and pop store. Or, you are an independent artist or designer. What do you do first?

Write a business plan!

If you’re entirely new to business, you should hire a business consultant. Check out this article, previously published here and on the MWBEzone blog: When Hiring a Business Consultant.

A business plan includes the following subdocuments:

  • executive summary
  • company description
  • market analysis
  • organization and management
  • service or product line
  • marketing and sales
  • funding request
  • financial projections, and
  • appendix.

For further reading, check out the article at GrantWriterTeam’s blog: What Goes Into a Business Plan? Between you and your business consultant, you should be able to map out a great business plan that shows potential, longevity, and stability.

The SBA, Small Business Administration suggests 10 steps to start a small business. We have narrowed them to the following 5.   

After 1) writing a business plan, 2) finance your business, 3) determine its legal structure, 4) register for taxes, and then 5) obtain licenses and permits.

To fund your business, you might first consider loans. This is not a bad idea. Most new businesses start off with a loan, but don’t forget to apply for grants and to start a crowdfunding campaign. The combination of all three should give a serious startup enough capital to proceed.

Both GrantWatch.com and MWBEzone.com have grants for small businesses that serve the common good. 

You can use the multiple spellings in the keyword search for startups, start-ups or start upsMWBEzone.com was first developed for the business and individual grant seeking community, as the sister website to GrantWatch.com. When you subscribe to GrantWatch you get MWBEzone for FREE.

Here are some of the business grants listed at GrantWatch and MWBEzone, now:

Grants to Rhode Island Businesses for Internships in Life Sciences and Engineering

Deadline: Ongoing – Responses are due by June 30, 2018 at 11:45 PM ET

Grants to Wyoming For-Profit Companies for Employee Training and Professional Development

Deadline: Ongoing

Grants to Florida Businesses, Especially in Inner Cities, Rural Areas, or Brownfield Area to Assist with the Training of New Employees

Deadline: Ongoing

Financial Assistance to Canada Nonprofits and Businesses in Multiple Provinces to Expand Enterprises

Deadline: Ongoing

In-Kind Services to Greater New Orleans, Louisiana Veteran Entrepreneurs for Business Development

Deadline: Ongoing

Sources:

Know Your Credit Score

As a small business owner, it’s important to be up to date with your finances. MWBEzone.com has grants for Financial Assistance. A grant may be a good alternative to a loan, especially if your credit is questionable.

A credit score determines your business’ credit worthiness. So, not only does it affect your likelihood of acquiring loans, but the extension of credit lines. Furthermore, large corporations require a business credit score minimum for contracts.

According to Experian, your business credit score can influence the following:

  1. The size of the loan and interest rates
  2. Premiums
  3. The determination of suppliers extending credit terms

Your business credit score will be based on your credit, public records, and demographic information. 

If you have a poor credit score, look at grants at MWBEzone.com. You will find grants for operating costs, education, equipment and more. Check out some of the following Financial Assistance grants:

Grants to USA, Canada, and International Retired Professional Boxers to Assist with Financial Hardships

Deadline: 09/15/2016

Grants to USA Individuals with Paralysis to Purchase Recreational Sports Equipment

Deadline: 09/30/2016

Grants to South Ohio Nonprofits, Schools, and Individuals for Education, Financial Assistance, and Human Services

Deadline 1: 09/30/16; Deadline 2: 12/31/16

Income Tax Credits to New York City Businesses that Relocated Operations to New York City after July 2003

Deadline: 06/30/2017

Grants to New Mexico Individuals for the Purchase of Medical Equipment for Disabled Children

Deadline: Ongoing

Grants to Nevada Individual Nursing Students to Continue Higher Education

Deadline: Ongoing

Financial Assistance to Canada Nonprofits and Businesses in Multiple Provinces to Expand Enterprises

Deadline: Ongoing

Lastly, consider crowdfunding for your financial needs. It’s free!

Crowdfunding Opportunities for USA, Canada, International Nonprofits, Individuals and Businesses

Deadline: Ongoing

It's important to know that grants are not totally a financial free for all!  The funding source will want to know your financial accountability. 

They will want answers to the following questions: Who manages the funds? What is their past experience? Who double signs the checks? What is the financial management procedure?  What amount of funds have you managed in the past? They might want to see some financial documents as well. 

So pay your bills on time and keep accurate records. 

MWBEzone.com

At MWBEzone.com, you will find grants for Small Business, Economic Development, and Capital Funding that you won’t find listed on GrantWatch.com. MWBEzone is a sister-site of GrantWatch, the search engine that gets results.