Established Businesses

Established businesses include businesses which are currently in operation. Owners of existing businesses have overcome many hurdles in the pre-planning and start up stage. However, existing business owners continue to face a variety of challenges. Business owners must effectively use limited resources to improve their position in the market while continuing to manage the critical aspects of business operations. In addition to limited budgets, business owners have limited time since they must wear multiple hats in the business. To achieve long term success, business owners must also work to lay the foundation for future growth and adapt to changes in the marketplace.

The Arkansas Small Business Development Center offers a variety of services and solutions to assist owners of existing businesses. The ASBDC supports business owners by offering general information and market research, individualized counseling services, and training programs on relevant business topics.

Training Opportunities

The ASBDC offers a wide variety of live and online classes on topics relevant to existing business owners.

• Instructor-led training

• Online business training

Marketing Solutions

The ASBDC offers marketing assistance to small business owners. Businesses can receive assistance in obtaining market research and developing a marketing plan as well as obtain suggestions and advice regarding marketing options. The ASBDC provides tools and information in the area of marketing.

• Marketing for Small Businesses

• Conducting Market Research

Growth Planning and Business Expansion

Growing or expanding a small business requires planning. It is important to establish a solid foundation for future success as well as avoid common pitfalls. To assist small business owners in these efforts, the ASBDC provides individualized counseling services to existing businesses in Arkansas.

The ASBDC also provides assistance in developing a business plan. For those who are writing a business plan, the ASBDC offers suggested Action Steps for Writing a Business Plan. These steps are intended to help guide you through the process as point you towards suggested information and tools.

• Writing a Business Plan

In addition, various tools and articles on the topic of business planning are available.

• Business Plan Outline

• The Do's and Don'ts of Writing a Business Plan

• Conducting Market Research

• Sample Business Plan

Maximizing Profits and Managing Cash Flow

Maximizing profits and managing cash flow are objectives of most small business owners. The ASBDC can assist small business owners in pursuing these goals. By offering individualized counseling services to small business owners in Arkansas, ASBDC staff can analyze the current status of a business and its cash flow patterns. The ASBDC can then provide information and recommended solutions tailored to the needs of the small business. In addition, the ASBDC can develop customized financial analysis reports utilizing existing businesses financial statements which provide insight into the financial strengths and weaknesses of the business. This information can be valuable in planning, budgeting, and managing cash flow.

In addition to counseling services, other tools and information are available:

• Understanding Financial Statements

• Cash Flow Statement

• Sample Cash Flow Statement (.XLS)

Financing

Obtaining financing for a small business is a big step and can be challenging. Therefore, it is important to consider the realities of obtaining financing. Information on obtaining financing can be found at the following links:

• Can I Qualify for a Business Loan?

• Obtaining Small Business Financing

In order to obtain a small business loan for an existing business, you should develop a loan proposal in order to communicate with potential lenders. The ASBDC also offers recommended action steps for developing a small business loan proposal.

• Developing a Loan Proposal

• Developing a Loan Proposal: Suggested Contents

Articles, Information, and Tools

The ASBDC offers helpful information and tools to existing business owners. A great deal of information is available online.

• Articles, Information, and Tools for Existing Small Businesses

Answers to Questions

Arkansas residents who need additional assistance in answering small business questions, contact your local SBDC office.

• Arkansas SBDC offices

The Arkansas Small Business Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. It is the goal of UALR to eliminate discriminatory harassment and to promote equal opportunity regardless of race, gender, color, national origin, sexual orientation, age, religion, veteran’s status, or disability.