RVA Small Business Network

ICYMI, Henrico EDA and the Henrico Citizen are offering FREE three-month advertising packages valued at $4,000 to 40 qualifying small businesses through their collaborative 2024 Small Business Boost program! If you’re a small business that’s ready to increase your ad exposure or to reach new customers, apply today via the link posted in the comments! ⬇ The application deadline is Thursday, October 31, 2024. #Henrico #SmallBusiness

When it comes to advertising, excitement is great, but practicality is essential. 🚀 Before you dive into a new campaign, ask yourself: 1️⃣ Who is your ideal client?     - Understand your target market to tailor your message effectively. 2️⃣ What is the cost of client acquisition?     - How many new clients do you need to acquire from this advertisement to break even? 3️⃣ Is the investment worth it?    - Consider both time and financial investments. Are you targeting high-margin opportunities? Advertising isn't just about making noise; it's about creating measurable value and growth. Be the 'mood killer' when necessary, and ensure your strategy aligns with your business goals. #Advertising #MarketingStrategy #ClientAcquisition #BusinessGrowth #GrowBusinessPodcast #RVASmallBusinessNetwork

Many entrepreneurs underestimate the importance of understanding their gross profit margin, and it can make or break your business. Here’s what you need to know: 🔍 Gross Profit Margin: This metric shows the percentage of revenue left after deducting the cost of goods sold (COGS). It’s essential for assessing how efficiently you produce your products or services. 💡 Common Pitfall: Many business owners, especially those just getting started, struggle with this. They often overlook the costs associated with their time and resources. 🏷️ Key Considerations: - Raw materials costs: What are you paying for inputs? - Time allocation: How much is your time worth in the production process? - All expenses: Include everything that goes into creating your product, not just the direct costs. 📈 Net Margin: This is the final piece of the puzzle—it shows the percentage of revenue remaining after all expenses have been accounted for, providing a clear picture of overall profitability. Understanding these metrics isn’t just for large corporations. They’re critical for any entrepreneur who wants to run a successful business. #BusinessMetrics #Entrepreneurship #GrossProfitMargin #FinancialHealth #GrowBusinessPodcast #RVASmallBusinessNetwork

When it comes to managing your business, relying on gut feelings can lead to costly mistakes. Here are a few metrics that every product-based company should regularly track to make informed decisions: 1️⃣ Inventory Turnover: Understand how many times your inventory is sold and replaced over a period. This metric helps you gauge whether you're overstocking or under stocking. 2️⃣ Sales Patterns: Don’t let emotional responses dictate your inventory decisions. Just because a product sells quickly doesn’t mean you should overcommit to it. Analyze the data! 3️⃣ Market Feedback: Listen to customer suggestions, but base product decisions on solid data rather than one-off customer requests. Just because someone wants sugar-free candy doesn't guarantee a market for it. 4️⃣ Adaptability: Stay responsive to changing market conditions, but ensure your decisions are supported by concrete data. Remember, successful businesses are built on a foundation of data-driven decisions, not emotional reactions. #BusinessMetrics #DataDriven #InventoryManagement #Entrepreneurship #GrowBusinessPodcast #RVASmallBusinessNetwork

In the latest episode of the Grow Business Podcast, Cory Mosley, CSP® and Lon Graham explore the key metrics that every small business should track to boost growth! Learn how to make data-driven decisions and gain practical tips for transforming your business, with real-life examples like how restaurants adapted during the pandemic. #GrowBusinessPodcast #SmallBusinessSuccess #BusinessMetrics #EntrepreneurTips #DataDriven #CustomerRetention #OperationalExcellence #BusinessGrowth #KeyMetrics #RVASmallBusinessNetwork

When it comes to insurance, many people focus on the essentials—car and home coverage—but often neglect a crucial element: disability insurance. Did you know?  - You have a 30% chance of becoming disabled for 8-9 months before you turn 65.  - Yet, we tend to invest significant time discussing how to protect our homes—which have only a 1% chance of total loss. It's a surprising contrast, but it highlights a key issue in our risk perception. We often ignore what we can't see, assuming "it won't happen to me." This mindset can lead to significant financial stress if the unexpected occurs. Here’s why Tracey says you should rethink your approach: 1️⃣ Financial security: Disability can lead to bankruptcy or foreclosure due to medical bills. 2️⃣ Low cost, high protection: A small investment in disability insurance can safeguard your family's future. 3️⃣ Proactive planning: Just as you ensure your car and home are covered, consider your income and well-being. Now is the time to have those conversations and ensure you’re prepared for life's uncertainties. What steps are you taking to protect not just your assets, but your income? Share your thoughts below! #Insurance #DisabilityCoverage #FinancialPlanning #RiskManagement #RVASmallBusinessShow #RVASmallBusinessNetwork

When you think of insurance, what comes to mind? For many, it’s just auto insurance. But there’s much more to gain when you work with a full life cycle insurance agent who can support you through every stage of life. Here's why this approach makes a difference: 1️⃣ Comprehensive Coverage: As you move through different life stages—renting your first apartment, buying a home, or starting a family—your insurance needs change. A full life cycle agent guides you through these transitions, ensuring you have the right coverage at every step. 2️⃣ Long-Term Relationships: Insurance is more than just a transaction; it’s about building a relationship. Many of Tracey's clients have stayed with her for generations, allowing her to support their families through life’s ups and downs. 3️⃣ Empowered Decisions: Instead of just meeting the minimum requirements or sticking with what your parents had, a dedicated agent offers you choices and helps you understand the impact of those choices. This means you’re better equipped to make decisions that protect your assets. 4️⃣ Support When It Matters: A full life cycle agent does more than set up coverage—they stand by your side during tough times, like helping with claims after the loss of a loved one, offering guidance and support when it’s needed most. Building a relationship with a full life cycle insurance agent means being prepared for whatever life brings. Have you considered how your insurance needs might evolve over time? Let’s chat in the comments! #Insurance #CustomerRelationships #FinancialPlanning #LifeCycle #RVASmallBusinessShow #RVASmallBusinessNetwork

Tracey Portillo, Owner and Agent of Tracey Portillo State Farm, dives into what sets her agency apart on The RVA Small Business Show! 🌟 From personalized service to a deep commitment to the community, find out how she’s redefining the insurance experience. Make sure you watch the full interview at rvasbn.com! #RVASmallBusinessShow #StateFarmAgent #SupportLocal #InsuranceExpert #CommunityFocus #RVA #InsuranceMatters #RVASmallBusinessNetwork

Ever wondered what “full coverage” really means? 🤔 Join us on The RVA Small Business Show as Cory Mosley, CSP® sits down with Tracey Portillo Owner and Agent of Tracey Portillo State Farm, to break down the essentials of insurance, from protecting your income to planning for the future! 💡 Don’t miss out—get the insights you need to stay protected! #Insurance101 #RVASmallBusinessShow #ProtectYourFuture #StateFarmAgent #FullCoverage #FinancialPlanning #RVASmallBusinessNetwork #StateFarm

The COVID-19 pandemic fundamentally changed the dynamics of freelancing, dispersing talent across the globe. Many professionals found themselves working remotely in locations far from their company's headquarters. As a leader, this shift presents unique challenges and opportunities in communication and collaboration. Here are a few key takeaways: 1️⃣ Embrace Flexibility: Understand that team members are now operating in different time zones and may have varied schedules. Create a culture that accommodates these differences. 2️⃣ Set Clear Expectations: Communicate deadlines while allowing team members to manage their time effectively. Clarity helps everyone stay aligned. 3️⃣ Inclusive Communication: Use diverse communication tools that cater to different preferences and ensure everyone feels connected, regardless of where they are located. As we adapt to this new landscape, how are you fostering effective communication in your remote teams? Share your strategies in the comments! #Freelancing #RemoteWork #Leadership #Communication #Teamwork #GrowBusinessPodcast #RVASmallBusinessNetwork