Step 6: Interpret the SBA's Quarterly Indicators for prospects.

The mailing insert that you will send quarterly to small business owners in your market, the SBA's Quarterly Indicators, is found here:

http://www.sba.gov/advo/research/sbei.html

It is a concise two-page overview of U.S. economic trends that affect small businesses. Since it is published by the SBA's Office of Advocacy, a U.S. government entity, it is not copyrighted and may be freely distributed (subject to your firm's compliance guidelines). Quarterly data includes:

A "Small Business Optimism Index" which indicates how positively business owners feel about the economy, updated monthly.
Employment trends in major sectors.
Economic indicators for consumer and producer prices, consumer sentiment, oil prices, and interest rates.

In your cover letter analysis of this data, you can summarize recent trends that affect specific industries you are targeting. If you wish, you can supplement this data with specific data for your state that the SBA publishes annually in its Small Business Economic Indictors. These may be downloaded from the same URL shown above. The SBA's State Economic Profiles, updated annually, are available here:

http://www.sba.gov/advo/research/profiles

Step 7: Sponsor a quarterly small business roundtable meeting.

The purpose of sending a quarterly mailing to small businesses is to let prospects know that you care about their welfare and want to help them succeed. Even if some prospects throw the SBA data in the garbage, it will help to build awareness of your services, especially if you follow up each mailing with a phone call. What do you say in this call? You cordially invite the business owner to attend your next quarterly small business roundtable meeting. Here are suggestions for conducting these meetings:

Keep meetings simple and informal. Even if only a handful of business owners show up at first, you can build attendance over time through referrals.
Begin each meeting with a brief review of the SBA's most recent Quarterly Indicators. Ask business owners to explain how they are being affected by economic trends. Encourage them to discuss their most important goals with the group.
It's okay to have a specific theme for each quarterly meeting such as "how to retain key employees" or "how to borrow money at low cost." You may want to invite a guest "host" with special knowledge in the theme subject. Discourage lengthy formal presentations and encourage group interaction, questions and idea-sharing.
You may want to help roundtable group members pursue projects or lobbying that advances their common interests. For example, the group could work together to develop sources of affordable employee benefit plans.
At every meeting, ask for referrals by encouraging attendees to invite their peers to the next meeting. It's okay to ask business owners to chip in for the cost of the meeting, but try to keep costs below about $15 per head to promote attendance. You don't have to sell yourself at these meetings to generate business. Just help small business owners understand and discuss the economic issues that affect them, while helping them interpret valuable information such as the BLS Quarterly Census and the SBA Quarterly Indicators and State Economic Profiles. (Note: Try to generate attendance at these meetings that represents women-owned and minority-owned small businesses. These are among the fastest-growing segments of the market, and diversity is healthy!)

By focusing your prospecting on specific local industries, you will develop special expertise and become known as an advisor who works well with targeted groups of business owners. You then may be able to expand your activities to other prospects in the same industries, beyond your local market. It's the smartest prospecting plan you can pursue in these competitive, challenging times.

Instant Insights /

A Simple Prospecting Plan for the Small Business Market

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