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The latest, Wyoming-specific small business tips from Wyoming SBDC Network experts.
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The Top 5 Account Subcategories All Business Owners Should Know
Knowing the difference between revenues and expenses is pretty clear without much more background information and is critical for business functions, but knowing the difference between an asset and a liability is a little more complex and that knowledge can go a long way. The one that most people typically don’t know much about, or even where to find it, would be their equity in a business. Equity is the amount the owner or shareholders would get back if the business paid off all its debt and liquidated all its assets.
What Small Business Owners Need To Know About Google Analytics 4
Google Analytics 4 is a more comprehensive approach to web analytics and offers users and account holders more control over their data. If you are new to analytics, be sure to explore Google’s suite of support articles, training materials, and FAQs. In addition to these available materials, reach out to your Wyoming SBDC Network advisor for one on one assistance and advising today!
Creating Your Holiday Marketing Plan
July is not when you typically start humming holiday tunes, but it is the perfect time to start thinking about your holiday sales season. Starting now will set you up for a successful sales season, reduce the stress of last-minute planning and alleviate tension within your team by creating a holiday marketing plan now. A holiday marketing plan doesn’t have to be extensive or complicated. The aim is for simple and effective.
5 Resources From The Wyoming SBDC Network To Help Your Small Business Build a Strategic Plan
If you are a small business owner preparing for a strategic planning session, you know that the approaches available to conduct strategic planning are as unique as your small business. It is critical to select a method or set of ideas that serve your business and match your team’s way of thinking through problems and processing ideas.
Effective Methods for Small Business Strategic Planning
Strategic planning is crucial for small businesses to establish clear goals, allocate resources efficiently, and navigate a rapidly changing business landscape. Let’s explore different methods that small businesses can employ to enhance their strategic planning process and drive long-term success.
Now that I have data from the Market Research Center, what do I do with it?
Receiving a market research analysis can be incredibly valuable for small businesses. It can provide insights into customer needs, preferences, industry trends, and competitive landscape. However, taking action based on the insights gleaned from the analysis is essential. Here are some ways to take action in your small business after receiving a market research analysis.
Use Market Research to Discover Your Ideal Customer
As a small business owner, you likely spend most of your day thinking about your customers. You may consider how many customers you have, what and how much they buy, and how to get new customers. Customers are the key to any business’s success, and they ultimately determine if your business grows or shutters to a close. Since your customers are the lifeline to any business, it’s crucial to learn more about them. I recommend you start your customer discovery experience through market research.
Make Your Business a Must-Visit Destination This Tourist Season
Advertising a small business to tourists can be a great way to increase sales and revenue. However, it’s important to understand how to effectively advertise to the right audience in order to get the most out of your efforts.
Hiring and Retaining Seasonal Employees
The tourism industry is facing tough competition when it comes to hiring seasonal workers. With the growing hybrid economy and rising wages, Wyoming business owners have found themselves short-staffed. In an effort to remain open, many have been forced to reduce hours in response to their workforce shortages.
