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Promoting SCORE and Mentoring Small Businesses

This past month, I had the incredible opportunity to share valuable insights about SCORE and the importance of mentoring small businesses to three different groups. I thoroughly enjoy these presentations as SCORE mentors have a long history of successfully guiding small businesses towards growth and prosperity across America.

One of the most engaging meetings I had was with a group of seven enthusiastic startup business owners. These individuals had been actively collaborating with the Small Business Development Center at the University of Wisconsin, Superior. Some were already in the process of launching their businesses, while others were navigating the complexities of operating a new venture. The SBDC leader saw the immense potential in these entrepreneurs and wanted them to benefit from SCORE’s invaluable mentoring program.

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Empowering Small Businesses with SCORE Mentors

It’s a well-known fact that new businesses face significant challenges, with a high failure rate of 30% within the first year and 50% by the fifth year. As a mentor, I am acutely aware of the common reasons for these failures. Additionally, from my interactions with clients, I’ve observed a decline in business compared to previous years, with no immediate signs of improvement, even amidst an election year.

Personally, I hold the belief that we are currently experiencing a recession, and it may take at least another year before we witness a positive turnaround, regardless of the election outcome. While it would have been easy to share pessimistic views with the group I met, I chose to focus on their preparedness and determination. They were well-equipped by SBDC’s program and were moving forward with optimism. In their shoes, I would also forge ahead, but with a strategic approach in place.

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Essential Strategies for Business Success

Engaging with a SCORE mentor is a crucial step for any small business leader. SCORE, being the largest nonprofit organization offering mentoring services, boasts a vast network of over 10,000 mentors, each with a wealth of experience in various industries. These mentors can collaborate and leverage their expertise to provide invaluable guidance to business owners.

Create an advisory board: Forming an advisory board can provide invaluable insights and strategic direction for your business. These board members, who are not involved in day-to-day operations, offer advice and guidance based on their expertise. Including professionals like bankers, lawyers, and CPAs can further enhance your business strategy.

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Have a risk management plan: Identifying and mitigating risks is essential for business sustainability. Whether it’s physical damage, supply chain disruptions, or unforeseen market changes, having a comprehensive risk management plan in place is crucial for long-term success.

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Building a Support Network for Success

Despite challenging economic conditions, it’s essential to pursue your entrepreneurial dreams with determination and resilience. Building a strong support team, including mentors, advisors, and industry experts, can significantly enhance your chances of success and alleviate stress.

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SCORE is committed to supporting entrepreneurs on their journey to success. To access SCORE’s free business mentoring and educational resources, visit score.org or reach out via email at richard.jordan@scorevolunteer.org or phone at 218-251-4413.

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As a proud resource partner of the U.S. Small Business Administration, SCORE has aided over 11 million entrepreneurs through mentoring, workshops, and educational resources since 1964. The nonprofit organization, previously known as the Service Corps of Retired Executives, remains dedicated to empowering small businesses and fostering entrepreneurial success.

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