Tennessee Small Business Development Centers (TSBDC)

As the end of the year approaches, have you considered your tax-deductible expenses? If you’ve been waiting to buy new equipment, office supplies, or software... Maybe now could be the right time! Just to be clear, we don’t advise that you make purchases just for the sake of lowering your tax liability. We recommend asking your CPA about tax-deductible expenses, how to maximize deductions, and if buying those items right now makes sense for your situation.

At the TSBDC, we're all about professional development! ?? The Murfreesboro team recently spent an afternoon learning more about artificial intelligence, how to use it internally, and how to guide clients on integrating it into their workflows too. And a special shout out to Brooke, who led the session!

Charles Alexander is the Director of the TSBDC at Vol State in Gallatin. In fact, he’s been the Center’s first and only Director since its inception in 2007! He has worked with over 1,700 clients, and this is what some of them have said about working with him: ?? "Charles is always ready to listen and never judgmental. He has ideas that I’ve never considered and resources I may have never known." ?? "Working with Charles has been so helpful. He's answered questions, given us advice, and even collaborated with us to provide resources/training to our members and community." ?? "Charles is always available and helpful with whatever I ask. If he doesn't know, he'll ask for time to get more information back to us. We truly appreciate the help." Charles, we are so glad you’re part of the TSBDC team! ??

Updates from SBA regarding Hurricane Helene disaster funding! ?? The deadline for filing applications for physical damages related to Helene has been extended to January 7, 2025 - an extra month to submit your application! The Economic Injury Disaster Loan application deadline is still July 2, 2025. Please also note that while SBA is accepting and reviewing disaster loan applications, new loan offers will be delayed due to a lapse in Congressional funding.

As we approach the end of the year, now could be a great time to review your pricing structure and supply costs! ?? Think about your customers’ behavior. Did they quickly buy, or did it take awhile for them to say yes? This could be a good indicator of how they feel about your pricing. If every customer says yes immediately, that’s a clear sign it’s time to increase prices! ?? Review your competitors’ pricing. We don’t recommend copying your competition, but it’s good to know where you stand in the market so you can be confident about your value propositions. ?? Consider your profit margins! If you don’t feel comfortable going up on your prices right now, is there a way you can cut your supply costs? If you'd like to discuss your pricing and costs, you can always request an appointment with a consultant on our website! https://lnkd.in/gdbYPUFr?

For this week’s Staff Spotlight, we’d like to highlight Aundrea Salyer, Senior Business Counselor with the Kingsport TSBDC, who has been part of the network since 2011! Her specialties include business plans, access to capital, and business expansion. Our Kingsport Center is also known as KOSBE - Kingsport Office of Small Business Development & Entrepreneurship. In 2004, the Kingsport Chamber and the City of Kingsport jointly formed the KOSBE to support startups and existing small businesses in Kingsport. Seven years later, TSBDC joined the partnership, and now KOSBE is part of the TSBDC network as the ETSU Kingsport Affiliate office. In addition to her role as Senior Business Counselor, Aundrea is also the Chief Business Development Officer with the Kingsport Chamber. She is a certified Economic Developer and earned her Masters in Business Administration. Is there anything she can’t do?! ?? Aundrea, we’re so glad you’re part of the TSBDC team!

Getting ready for Small Business Saturday? Here are a few things you can do to make the most of it: ? Promote your offers and discounts now so customers plan to shop from you instead of the big box stores! ? Create a festive shopping experience with holiday music and decorations. ? Collaborate with other local businesses for cross-promotions. ? Share your own story of why shopping "small" is important to you and your business!

The US Chamber of Commerce has created a Small Business Hurricane Recovery Grant Program. If your business was affected by the recent hurricane, you may be able to receive $5,000 to assist with rent, utilities, payroll, etc. The deadline to apply is November 17th so we encourage you to check eligibility, read FAQs, and apply ASAP. https://lnkd.in/g3spuGCh?

For November, we've compiled a few tips to help you close out the year! 1. Gear up for Small Business Saturday by double-checking the promotions you plan to run for the holidays. 2. Consider tax-deductible expenses. Have you been waiting for the right time to buy new equipment, office supplies, or software? Ask your CPA if it makes sense to buy them right now. 3. Review your pricing. Consider your profit margins, competitors’ pricing, and customer behavior. If you plan on going up on your prices in 2025, now might be the time to give your clients a heads-up so they can prepare.

Please join us in welcoming the newest TSBDC team member, David Wells! David Wells has joined the Memphis Center as a Small Business Specialist! He brings a wealth of experience and knowledge to the team, having worked as a small business CTO, digital marketing agency owner, and entrepreneur. His expertise will be invaluable as he helps our clients grow and enhance their productivity through his business counseling. David holds a Bachelor’s degree in Accounting and a Master’s in Business Information Systems. He is also deeply rooted in the Memphis community, having moved here after completing his studies at Mississippi State University. He is excited to learn about the unique visions of the entrepreneurs we work with and is eager to be part of their journey. His guiding principle is that honesty is non-negotiable when building trusting relationships—a value that aligns closely with our mission here at the TSBDC. David, we're excited that you've joined the Memphis Center! ??