Posts Categorized: Small Business Information

Create realistic financial projections

Part of a financial spreadsheet with pen and calculator

Part 3 of the “Things we wish we knew” Blog series By: Tina Oddleifson, Business Advisor   We get it, you’re an artist, a baker, or love working on cars.  You’ve decided to start a business doing what you love, and you plan to let someone else worry about the financial details later.   But when… Read more »

New Federal Reporting Requirements for LLCs and Corporations

If you have an LLC, corporation, or other entity registered through the Maine Secretary of State, you’ll want to know about your obligations under the federal Corporate Transparency Act. On January 1, 2024 the Corporate Transparency Act went into effect requiring millions of small businesses to register with the US Treasury’s Financial Crimes and Enforcement… Read more »

Essential Steps Before You Start a Business

Lightbulb and crumbled paper to represent starting a business

Part 1 of the “Things we wish we knew” Blog series By: Tina Oddleifson, Business Advisor When we asked Maine SBDC Business Advisors about the biggest mistakes they see new business owners make (including themselves) many of the responses boiled down to the same essential thing: Moving forward before you are ready. We’ve all been… Read more »

Things we wish we knew – Blog series

Sometimes clients reach out to the SBDC after they realize they made a mistake while starting or running their business.  As advisors and former business owners ourselves, we know the feeling.  Owning a business means having to learn a lot on the fly, and sometimes you don’t get it right. But you’re not alone because… Read more »

Understanding Financial Statements – A Video Series

Do you struggle with financial management in your small business?  Are you intimidated by the income statement, baffled by the balance sheet, or confused by a cash flow statement? You’re not alone! Most small business owners don’t use their financial reports to their full advantage or only see them only as a tool to file… Read more »

Should You Raise Your Prices?

Should You Raise Your Prices? text over an image hands working at a desk writing and using a calculator

As a small business owner, one of the biggest challenges you may face is determining when it’s time to raise your prices. Maintaining loyal customers and earning a profit can be a delicate balance. However, there are times when raising your prices is necessary to keep your business viable.  A winning price strategy includes knowing… Read more »