Free ASBDC business management services you should know about

Michele Abraham is the chairperson of America’s Small Business Development Centers (ASBDCs). Her team partners directly with the people at the Small Business Administration (SBA). Together, they ensure both groups are providing top-quality services to entrepreneurs across the country. Abraham also serves as the state director for the SBDCs in South Carolina. She’s involved in the direct delivery of those services to local business owners in her home state.

QuickBooks sat down with experts from the SBA and ASBDCs, including Abraham, to discuss loan forgiveness and the future of small business funding. Watch the full discussion , or read the transcript.

During the live discussion, we encouraged webinar attendees to submit their most pressing questions. Many had questions about loans and funding. But many more wanted to know how these organizations planned to help small businesses succeed amid the coronavirus and beyond. That’s where Abraham comes in.

4 things ASBDCs can do for small businesses

If you haven’t heard of America’s SBDCs before or aren’t sure what services they offer, you’re not alone. According to Abraham, ASBDCs are a vastly underutilized resource for novice entrepreneurs and seasoned small business owners.

1. No-cost coaching

ASBDCs offer free counseling “on pretty much any issue that a business might have,” Abraham said. From marketing to financing to building a business plan, your local SBDC can help.

“The majority of our folks have owned a small business or still do, and they go through a lot of specialized training,” Abraham said. “So we have a plethora of experts… [who] can help you work through whatever your issues are.”

And ASBDC coaching and training are free and confidential.

“The SBDCs all sign a confidentiality agreement with a client right upfront,” she explained. “[They] know [they’re] getting help that nobody else is going to be aware of unless [they] choose to share that information.”

2. Financial planning

Your local SBDC can help you set up accounting systems like QuickBooks and organize your finances for long-term success.

“It’s really essential… that you’ve got your accounting systems in place,” Abraham said. “That you’re really managing your cash flow and all of the financial issues of your business to not only keep it afloat right now but to be planning for the long term.”

And that includes applying for small business loans or any other type of capital.

“We work with all the lenders,” Abraham said, “traditional and non-traditional, all over the country. We know what programs are out there.”

Your SBDC can help you find a lender, understand the loan criteria, and submit a solid loan application. They’ll even help you think about the tax implications of those loans or grants so that you’re prepared for tax time.

3. Building a website

It’s never been more important for small businesses to have an online presence. Abraham says, because many are working remotely, America’s SBDCs have helped a lot of small businesses pivot to e-commerce and online marketing.

“We’ve helped a lot of folks start to get websites set up or improved,” Abraham said, “[It’s] really just helping them promote their business [and] build awareness.”

If you’ve struggled to build a website or figure out how to move your business online, your local SBDC may be able to help.

4. Starting a business

Despite the current economic situation, Abraham says her team has seen an uptick in the number of people interested in starting a business.

“It goes against the intuitive nature of what you would think in a time like this,” she said.

But for some aspiring entrepreneurs, “a time like this” is just what they needed to bring their business idea to life.

“There are people who lost their jobs to COVID,” Abraham said, “or who just decided this is a great time for me to step out and try to enter the entrepreneurship arena myself.”

If you’re thinking about starting a business, your local SBDC can help with everything from conducting competitive research to building a business plan.

“When we have somebody come to us [who’s] looking to start a business, we go through the whole gamut with them,” Abraham said.

3 tips for business owners as they navigate the road ahead

Abraham emphasized that ASBDCs are learning alongside small business owners across the country.

“We’re all learning, going through this,” she said.

And she hopes that we come out the other side stronger than ever. In the meantime, she shared a few tokens of advice for small business owners as they navigate the road to recovery.

1. Embrace technology

“Building your technology capability is going to be essential as we move forward,” Abraham said.

Embracing technology might mean moving your business online and jumping into e-commerce. Business owners can use technology to engage with their customers. And they can take advantage of the tech services offered by the SBA and ASBDCs.

2. Control your finances

“Make sure that you’re organized,” Abraham said. “That you know where your money is, that you’re watching it very carefully, [and] that you’re looking at where your expenses are.”

If you haven’t already, Abraham says, this is a perfect time to think about where you can cut costs. She recommends working with your vendors to modify your payment terms and keeping in close contact with your bankers and lenders. Do what you can to stretch your cash flow while you think about how to keep money coming in.

3. Use your resources

Abraham can’t emphasize this enough: Use the resources available to you from the SBA and ASBDCs. Your local SBDC can help manage whatever business challenges you face.

“Our folks are very passionate… about doing what we can to help you and make your jobs easier,” Abraham said. “And we just encourage you to reach out to any of our groups for assistance.”

There are over 1,000 SBDCs across the country. Find your nearest Small Business Development Center for free business consulting and more.