Typically, small businesses face challenges in areas such as finances, growth, and cash flow. These challenges greatly hinder business development, causing most small businesses to collapse within the first five years of their existence. One of the things you can do to ensure your business does not suffer the same fate is to leverage the right business development resources and techniques.
Here’s a detailed look at some of the business development resources and techniques that you can leverage to start and grow your small business in Ventura County.
Economic Development Collaborative (EDC)
A lack of adequate financial resources still remains the greatest hindrance to the prosperity of small businesses. This usually results from issues such as poor sales, competition, inflation, high cost of labor, and taxes. Thankfully, the Small Business Administration (SBA) operates Small Business Development Centers (SBDC), which provide technical support to small businesses at little or no cost. Partnering with Business Forward Ventura County, Economic Development Collaborative (EDC) also has a Small Business Development Center that gives business consultation services to start-ups related to all aspects of a business at no cost.
Women’s Economic Ventures (WEV)
A small business not only needs financial support but also mentorship. For instance, proper mentorship can help you make good business decisions, hire the right workers, and enter the right partnerships. Women’s Economic Ventures (WEV) is a useful resource that offers consulting services to small businesses, especially those recovering from the COVID-19 recession. They also aim at promoting financial independence amongst women entrepreneurs through business training, advisory, and funding.
Tools for Business
Apart from financial support and consultation, Economic Development Collaborative (EDC) also offers tools that can help promote development in small businesses. These tools help in aspects such as starting and managing the business, hiring employees, managing finances, and protecting the business. For example, to help you hire the right employees for your business, EDC provides safety tools, human resource tools, and payroll tools, among others.
COVID-19 Business Resources
Considering the pandemic-induced recession is still a threat, with at least 100,000 small businesses in the U.S. have shut down permanently, those who have reopened should utilize the right business resources to stay operational. Economic Development Collaborative (EDC) offers important insights that can help small businesses survive during the COVID-19 pandemic. If your business is still operating in Ventura County amid the pandemic, make sure to:
- Review your cash flow needs – Typically, reopening does not guarantee that your business will operate as expected. As such, take care of your financial needs by lowering your expenses appropriately and seeking financial help.
- Comply with the COVID-19 safety regulations – If you intend to reopen your business, ensure you comply with the set COVID-19 guidelines to avoid fines and penalties, which can potentially drive your business to ruin.
- Connect with your landlord – Sign a Declaration for COVID-19-related financial stress for every month you are unable to pay rent for your premises. This will allow you to maintain your tenancy status and keep your business operational.
To start and grow a business in Ventura County, leverage the resources and techniques discussed in this article. Looking for marketing and business assistance? Contact us today to learn about the resources and opportunities available to grow your business in Ventura County. Business Forward Ventura County is here to help.