Tips to Thrive During Small Business Month
April 16, 2024
Small Business Month is more than just a date on the calendar—it’s a celebration of resilience, innovation, and community. In 2023, Governor Newsom officially proclaimed May as Small Business Month in California, making it a great time to honor the hard work you do all year long. We’re committed to supporting your financial journey, so let’s explore how you can maximize this month to boost your business.
1. Financial spring cleaning
Spring is the perfect time to tidy up your financial house. Here’s how:
- Review Your Expenses: Scrutinize your business expenses. Are there subscriptions or services you no longer need? Cancel or renegotiate them to save money.
- Update Your Budget: Revisit your budget. Allocate funds strategically—prioritize essential expenses and allocate resources for growth initiatives.
- Evaluate Debt: If you have outstanding loans, assess their terms. Can you refinance at a lower interest rate? Consider consolidating high-interest debt.
2. Connect with local resources
California offers a wealth of resources for small businesses:
- Local Chambers of Commerce: Join your local chamber. Attend networking events, workshops, and seminars. These connections can lead to partnerships and new customers.
- Small Business Development Centers (SBDCs): SBDCs provide free counseling, training, and assistance. Tap into their expertise on marketing, finance, and operations.
- Government Grants and Incentives: Explore state and local grants. Some are specifically designed for small businesses. Use these funds to invest in growth.
3. Strengthen your digital presence
In today’s digital age, an online presence is crucial:
- Website Optimization: Ensure your website is user-friendly, mobile-responsive, and optimized for search engines. A well-designed site builds credibility as well as business.
- Social Media Engagement: Engage with your audience on platforms like Instagram, Facebook, and LinkedIn. Share valuable content, respond to comments, and run targeted ads.
- Email Marketing: Build an email list and send regular newsletters. Offer promotions, share success stories, and keep your audience informed.
4. Collaborate with Other Small Businesses
Unity is strength. Consider these collaborative efforts:
- Cross-Promotions: Partner with complementary businesses. For example, a coffee shop could collaborate with a bookstore for joint promotions.
- Local Events: Participate in community events. Sponsor a local fair, organize a workshop, or host a pop-up shop. It’s a win-win for exposure.
5. Financial wellness for you and your team
Your financial health matters:
- Employee Benefits: Offer financial wellness programs for your team. Educate them on budgeting, saving, and retirement planning. We can help!
- Business Savings: Set up a business savings account. Regularly contribute to it—even small amounts add up over time.
Remember, we are here to support your financial goals. Reach out to us for personalized advice, loans, and other financial and business services. Let’s make this Small Business Month a steppingstone towards prosperity!
This article provides general information and should not be considered professional advice. Consult with RCU for personalized guidance.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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