Depending on what sources you refer to, 80 percent to 90 percent of all businesses in the United States are family owned. I think that trend holds true locally and may even range toward the higher percentage. The fact that the majority of our business community consists of family-run ventures doesn’t mean that being in the family business is easy. In fact, many entrepreneurial families will be quick to tell you that working with family is rewarding, but can also be challenging. [Read more...]
Small Business Development Centers see many business owners this time of year. Numerous requests for assistance pour in as they finally have time to tackle some of their business “to-do lists.” The slow time in business cycle is the perfect time to do just that. The challenges are in figuring out how much time you have and then winnowing down your list to your most important goals. [Read more...]
It’s that time again. No, I’m not talking about coming up with New Year’s resolutions or doing your federal and state income taxes. Right now, small businesses across the country are in the process of being surveyed for the 2012 Economic Survey the U.S. Census Bureau conducts.
There are a lot of things in life that we know we “should” do, but never seem to get around to. Things like cleaning out that old file cabinet, organizing tax documents before April, or updating your website. The list is different for everyone, but it’s likely that the majority of small business owners have “strategic planning” on the list.
I recently got new office furniture. Of course, this meant having to pack up my entire office, empty my desk drawers and store the boxes where everybody else wouldn’t be tripping over them.
Aspiring entrepreneurs often have difficulty zeroing in on one business venture. Those who are truly entrepreneurial see potential and have interest in a number of ventures but, short of cloning, it’s impossible to pursue them all.
Recently, I was researching the subject of problem employees for a couple of my clients, and Googled the topic. In the first place, in this economy, I’m kind of amazed that employees are giving anyone problems, but that’s a topic for another time.
There are many benefits to buying a business. If the business has been operating for several years, you are aware of the risks associated with it, and so is your lending agency. Accounts are available outlining the sales and expenses of the business throughout its history. As the seller, you will be required to provide the last three years of tax information to the buyer and lender. For this reason, it’s a good idea to sell your business when it is still profitable; if you are not making a profit when you sell, your perceived “value” of the business’s goodwill is zero, and your selling price will be based on tangible assets.
There’s been a lot of attention paid lately by the federal and state government to the fact that women-owned businesses in certain eligible industries need expanded opportunities to bid on government contracts. Both the U.S. Small Business Administration and New York State’s Empire State Development’s Division of Minority and Women Business Development offer certifications that can help these businesses receive a more equitable share of government contracts.
There was a time when an online presence for your business was just an option. It was an add-on to your marketing strategy; something that was nice to do, but wasn’t really necessary. Now, online presence is an absolute necessity for all businesses. Most customers use the Internet to search for products and services to fulfill their needs, even to find basic contact information to further pursue their investigation by phone or in person; if you do not show up in a search, it is as if you don’t exist.