Get Business Advice

Wonder how you can better your business? Need an outsider's perspective on what your business needs? Two resources can help you: MBA students and US Small Business Administration (SBA).

Graduate business students are looking to put what they learn into action. While you might not get experience -- although some may have experience, you gain fresh knowledge at a low or no cost from an enthusiastic resource. Perhaps, the grad student needs to do a paper and helping your business can benefit the student.

You're still the owner or manager of your business. So no one says you have to do what the student suggests. An experience consultant can cost thousands of dollars, something not justifiable for small businesses. Sometimes you might receive a team of students working on the project together -- so you'd profit from multiple minds with various backgrounds, skills and experiences.

According to the Wall Street Journal, the cost of working with an MBA program can range from $0 to $10,000 for 500 to 800 hours of work. That's a bargain. If you should pay $10,000 for 500 hours, that's only $20 per hour -- much less than what consultants and consulting companies charge.

The students don't have to look at how to improve the business. They can participate in conducting surveys and research. Businesses can take advantage of the students' time and analytical skills in having them tune in with the market to find out what it needs from a business like the owner's.

SBA has programs to help business owners. In addition to SBA loans, SBA offers counseling and assistance through various programs, one of which is SCORE (Service Corps of Retired Executives). It also offers Small Business Development Centers (SBDCs) for management assistance, Women's Business Centers (WBCs) to help women start and grow businesses, and SBA District Offices that assist small businesses located in the area to boost the area's economy. Women businesses owners also turn to each other for advice.

SCORE connects business owners with experienced business mentors who can help owners with business plans. SCORE offers 24/7 online mentoring, in person mentoring, low priced workshops online and in person, and business templates. SCORE mentors are volunteer counselors who are retired business owners or executives and leaders looking to share their experience and lessons learned.

Although SCORE's volunteers tend to have more experience than MBA students, they don't offer the in-depth help that the small business may want. They work more like counselors who answer questions and ask questions to compel you to move and think in the right direction.