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Small Biz Bulletin - September 2024
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Message from Special Secretary Martinez
Ever Evolving
As an entrepreneur, I've come to see my business plan as a powerful tool—constantly evolving. It's something that I continuously worked on, because I kept it in both my mind and on my desk, not tucked away in a file cabinet. It's an active part of staying on track, and also helps you work.
According to the U. S. Camber of Commerce, your business plan should evolve. Certain things should motivate you to revisit it, such as adding new services or products to ensure your sales projections align with overall company resources. If your company has grown through increased revenue, additional employees, or both, that's another signal to revisit and refine your plan. Shifts in your competitors' actions, consumer markets, or changes in the supply chain are key moments for updating.
If you are planning to seek funding from a bank or investors, you will absolutely need a detailed and up-to-date business plan. Make sure it clearly outlines your future financial projections and goals.
While business plans are important, they don't have to be overly complex. Thankfully we have many small business resource organizations available to assist you in preparing or updating your business plan. Trusted organizations like SCORE, the US Small Business Administration, and the regional Maryland Small Business Development Centers are just a few of the trusted partners eager to help you navigate this process.
As your business continues to evolve, so should your business plan. Invest time in reviewing, updating, refining, and most importantly working your business plan. From personal experience, I can assure you that an evolving plan will pay-off in the future.
Sincerely,
Maria Martinez
Special Secretary
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Small Biz Spotlight
Brand3
Congratulations to our Small Biz Spotlight winner – Brand3, Inc. located in Bel Air. Now led by President & Brand Strategist Orsolya Herbein, the company was founded from the merger of two successful freelance businesses. Brand3 provides comprehensive branding and marketing solutions with a team of 16 highly skilled and diverse professionals. Their services are based on three principles: cutting the noise by defining the brand's core promise through strategic messaging and impactful imagery, connecting with customers by engaging and retaining the right audience with combined brand, marketing, and experience strategies, and growing the business by protecting and maintaining the brand, raising awareness, and executing campaigns for meaningful conversions. Clients typically see increased customer loyalty, improved brand recognition, and 61% average annual revenue growth within two years of implementing Brand3’s strategies. From its inception, Brand3 has focused on delivering a range of core capabilities designed to help businesses build and maintain strong, compelling brands. Some of these core services include, creative services that offer a broad spectrum of design solutions, brand strategy that craft compelling narratives that resonate, and digital marketing that develop integrated digital campaigns that drive traffic & increase visibility just to name a few. If you want to “rethink marketing - move from noise to clarity,” learn more about Brand3 online or give them a call at 443-205-6733.
Brand3 was randomly selected for this Small Biz Spotlight by attending our
T.I.P.S. small business webinar series.
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Free Small Business Webinar Series
If you want to do business with the State of Maryland, our T.I.P.S. Small Business Webinar Series is a must. Our carefully curated "Training and Insights for Procurement Success" curriculum delivers an insightful understanding of the state's procurement processes and builds core competencies. Our goal is to help you learn to compete with confidence in the state's contracting arena. Two classes are offered each month and there is never a cost to participate. Just register in advance to receive the participation link.
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Maryland Small Business Employers Can Waive $300 Annual Report Filing Fee
Maryland-based small business owners have a no-cost way to offer retirement and savings plan benefits to their employees through a program called Maryland$aves. Created by the State of Maryland, this unique program allows employers to offer employees access to a savings plan for emergencies and retirement that is safe and trustworthy. There is no cost to participate in the program and the Maryland Department of Assessments and Taxation will waive the $300 annual report filing fee for every qualified employer that enrolls. Maryland$aves helps employers be competitive by offering a great benefit. It works seamlessly with any payroll process and is fast, easy, and secure. Learn more about this flexible and secure employee savings program today.
Maryland$aves
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State of Maryland's Procurement Forecast
Small business owners are always looking for trusted information that can help them make informed business decisions and feed their new customer pipeline. Maryland's Procurement Forecast is that kind of a tool. The database was recently updated on the Governor's Office of Small, Minority & Women Business Affairs website for the 2025 fiscal year. It is populated with solicitations of $100,000 or greater that are expected to be advertised or awarded through June 30, 2025 and comprises both new and recurring items. Users can choose from six different options to focus their search. By downloading search results to Excel, expanded information is provided, such as the buyer’s name and contact information. Small businesses are often looking for contracting opportunities below $100,000. As a result, many state agencies also include information on projected contracts between $15,000 and $99,000. Access to this vital information reinforces the open and transparent nature of Maryland's public contracting arena. You can even watch a video and download a slide deck with tips on how to mine this powerful tool.
FY2025 Procurement Forecast Portal
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24/7 Access to Video Training Library
In case you missed any of the previous sessions of our T.I.P.S. Webinar Series, you can watch the recorded sessions at a time convenient for you. Our T.I.P.S. Webinar Series Playlist on YouTube gives you 24/7 access to great material such as "Anatomy of a Bid," "Crafting a Compelling Capability Statement," "Strategies for Digital Marketing", "Doing Business with the State of Maryland," and much more. Every session is two hours or less and packed with useful information to help you build critical business skills and navigate procurement processes. Check it out today.
T.I.P.S. Webinar Series Playlist
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