New York SBDC Research Network

By Catherine Metcalf When you run a business, it’s important to control expenses so that you can remain profitable. However, unexpected costs can arise that throw off the balance. Employee injuries can be one of the most disruptive things that happen to a company. According to one work injury lawyer in Philadelphia, “When an employee suffers an injury at work, the employer’s workers compensation coverage will pay benefits to the injured employee.” However, the initial payout is only the beginning of financial effects that can be felt from this type of injury. Having an effective safety management system in place can help you to maintain your bottom line and keep you in business. Increased Premiums In many states, workers compensation insurance is mandatory for businesses with more than one employee. This insurance covers employees for rehabilitation, costly medical expenses, and wages lost as a result of a work-related incident. However, companies pay premiums based on th...

From eMarketer The 26-year-old law that exempted online retailers from collecting sales tax in states where they have no physical presence has been overturned, per a US Supreme Court ruling Thursday. This practice was a holdover from a 1992 case, Quill Corp. v. North Dakota, when ecommerce looked very different from today. States looking to make up lost revenues have been pushing for reform for years. This case was brought by the state of South Dakota, but it has greater implications for the 45 states that rely on sales tax, as well as online retailers like Wayfair, Overstock.com and Newegg.com (all were involved in this case) that have argued that tax collection would be a logistical challenge and an unfair burden, particularly on smaller merchants.

From MarketingProfs Email subject lines that express gratitude tend to outperform email subject lines that do not, according to recent research from Cheetah Digital. The report was based on 2017 data from email campaigns sent by Cheetah Digital clients in a wide range of verticals. The researchers found email subject lines that included terms such as "with heartfelt thanks" and "thank you!" had average unique open and unique click rates that were 69% and 38% higher, respectively, than subject lines which did not express gratitude.

From eMarketer According to a February 2018 Nanigans survey of retail marketers, a vast majority (83%) think they would’ve achieved the same sales results if they hadn’t used retargeting. And yet, just 28% said they had the ability to measure whether sales occurred, organically or not. Even so, 53% of these retail marketers planned to spend more on performance ads in the next 12 months—on average, 24% more. This theme held true when respondents were asked about their biggest digital advertising challenges. More than half (55%) cited measuring true business impact. That sentiment was felt more strongly by larger companies (63%) than smaller ones (43%). Visibility into how ad budgets are being spent (39%) and ad fraud and viewability concerns (39%) were also challenges for respondents overall.

From NewHope A founder wears many hats: leader, evangelist, visionary and more. One of the heaviest of those hats is as a fundraiser. Great ideas don’t become good businesses without money. Too often, this chase for capital becomes all-consuming. There are alternatives to friends and family, angels and venture capitalists. Crowdfunding, both rewards-based and equity, is a growing avenue for early-stage food startups. Cheryl Clements, founder and CEO of PieShell, a rewards-based food and beverage crowdfunding platform, shared, “There is currently an appetite for funding food. Investment in food and beverage has tripled since 2013 and the crowd wants in on the action.” Stating the obvious, reward-based crowdfunding campaigns provide product samples, brand swag and recognition in exchange for investment dollars. Equity crowdfunding is a democratized way to sell shares of the company.

From eMarketer An April 2018 study of US retailers by Retail Systems Research (RSR) found that pricing concerns far outstripped other issues. Keeping up with the competition’s prices was the No. 1 challenge, cited by 58% of respondents. When asked about their top three business challenges, 65% of retailers cited "aggressive competitors of like items make price our primary demand driver." And 60% cited "increased consumer price sensitivity." Those two challenges were the only ones cited by more than half of the respondents. But pricing pressures were more acute in some sectors than others. In particular, the study noted that fashion and apparel retailers were much less likely to be focused on pricing parity (at 39%) and tended to be more concerned about minimizing markdown spend (48%).

From MarketingProfs Most small business owners worked a full-time job while starting their own firm, according to recent research from Paychex. The report was based on data from a survey of 413 people in the United States who own a business that has fewer than 500 employees. Some 59% of respondents say they worked a full-time job while initially building their own business. The reasons small business owners started their own firms range widely by industry, the survey found.

From eMarketer Retailers still trying to unlock the question of millennial spending patterns, take note: Millennials are sagging under a heavier debt load than Gen Xers faced at this point in their economic lives. It's the makeup of that debt gap that hints that millennial spending might not be unlocking anytime soon. Gen X had more mortgage debt than millennials, while millennials have more education debt than Gen X. A research paper published by the Federal Reserve Bank of St. Louis compared the overall finances of millennials in 2016 to Gen Xers in 2001. It found that millennial households in 2016 had an average net worth of about $90,000 vs. $130,000 for Generation X households in 2001. Millennials, it noted, had fewer assets and more debt. The combination of education debt and a lower level of investment in real estate could hold back spending on a host of items, from furniture to hardware to garden supplies.

From FTC.gov Yesterday, the Federal Trade Commission, jointly with the offices of eight state Attorneys General, the New York Division of the U.S. Postal Inspection Service, two U.S. Attorneys’ Offices and the Better Business Bureau (BBB), announced the results of Operation Main Street: Stopping Small Business Scams, a law enforcement initiative targeting operations seeking to defraud small businesses, and an education outreach effort to help small businesses protect themselves from fraud. Operation Main Street - Stopping Small Business Scams (24 Law enforcement actions nationwide; 12 Partners in law enforcement, including the FTC, brought these federal and state actions; 6+ Types of scams - including unordered merchandise, business directories, fake invoices, and imposters - collected more than $290 million from businesses in these cases) - Go to ftc.gov/smallbusiness.The agencies are announcing a total of 24 actions involving defendants who allegedly perpetrated scams against sm...

From eMarketer.Retail According to a March 2018 survey of US B2C retail executives by 451 Research, commissioned by Adyen, 78% of respondents said they're considering cashless stores that only accept credit cards and other digital payment options. In contrast, 36% of operations managers, essentially those that are more involved with the customer journey day to day, were in agreement. And their differing views don't stop there. Retail executives were more likely (81%) to say they saw an increase in customers using their mobile devices while shopping in-store—either for coupons, payments or product information—than operations managers (53%). In theory, cashless stores may reduce friction at checkout, which is often caused by long lines

From eMarketer : Technology may be changing the customer experience, but many consumers still want a human interaction, even as tech continues to improve. That's what PwC found when it surveyed 4,000 US internet users ages 13 and older, as well as 11,000 internet users ages 18 and older in countries including Argentina, Brazil, Germany, Mexico and the UK. More than eight in 10 US respondents said that even as technology improves, they will want to interact with a real person. And that sentiment was nearly the same across the other countries polled—although people in China, Brazil and Japan were less likely to agree.

From Thomasnet According to Bicycling.com, the modern carbon-fiber bike is “a technological marvel” based on its superior strength over traditional metal bikes, at a fraction of the weight. So why isn’t everyone hopping on one of these top-notch bikes to pedal around town? Two reasons – the cost is insane and, say the experts at Bicycling.com, carbon-fiber can be a manufacturing nightmare. Typical problems mostly relate to quality control, in a production environment that requires lots of labor and precision, which is why the Silicon Valley startup Arevo intends to upend the process with 3D printing. The company has a prototype of the first 3D printed carbon-fiber bike, and Arevo hopes to propel the business into manufacturing ASAP. The intention is to partner with existing bike manufacturers and automate the production aspect using a robotic arm.

From FactFinder : NYC Department of City Planning’s Population Division is proud to announce the release of New York City Population FactFinder (NYC PFF), a major update of NYC Census FactFinder (CFF). The application has been developed at City Planning by its extraordinary Labs Team, and they are excited to finally share it with you! The latest iteration includes a host of improvements that the user base has requested, including: Intuitive design that allows you to easily define study areas Enhanced interactive map and expanded geographic options for creating custom study areas by combining census blocks, tracts, neighborhoods (NTAs), or Community Districts (PUMAs) Expanded profile content, including population density; and detailed languages, countries of birth, and disability status Indicators of reliability and statistical significance for all estimates, so you can be confident using the data Change over time and detailed comparisons of two areas Ability to save and share un...

From FTC.gov The Federal Trade Commission has charged three individuals and nine businesses with bilking more than $125 million from thousands of consumers with a fraudulent business education program called MOBE (“My Online Business Education”). A federal court halted the scheme and froze the defendants’ assets at the FTC’s request. According to the FTC, the defendants behind this international operation target U.S. consumers—including service members, veterans, and older adults—through online ads, social media, direct mailers, and live events held throughout the country. This action follows the agency’s recent action against Digital Altitude, LLC, a competing business opportunity scheme that was also halted by court order. The FTC alleges that the defendants falsely claim that their business education program will enable people to start their own online businesses and earn substantial income. They claim to have a “proven” 21-step system for making substantial sums of money quick...

From ThomasNet This week’s Thomas Index will be taking a look at sourcing activity for Precision Machining by users in the Thomas Network at Thomasnet.com. Precision Machining is a process in which a machine operator starts with a piece of material called a blank, which is typically metal and uses the machine for precise, controlled removal of materials to transform that blank into a finished product. Machining encompasses a number of different manufacturing processes such as milling, turning, drilling, and tapping. It’s high-tech stuff; computer numerical control, or “CNC” machining involves computer programming and electromechanical devices for ultra-precise positioning of machining tools, to create incredibly complex surfaces and intricate geometries.

From Monster.com : The hostile work environment checklist: How toxic is yours? Don't let dysfunction and drama reign. Workplace stress is hardly a phenomenon. Everyone has a bad day (or even month) at work now and then. Your client presentation didn’t go as well as planned; your boss didn’t fall head over heels for your proposal; you had to stay late to finish a project; your co-worker’s been having a series of too-loud sales calls. But there’s a big difference between aggravating incidents and a full-blown toxic work environment. What is a toxic work environment? A toxic work environment is one wherein dysfunction and drama reign, whether it’s the result of a narcissistic boss, vindictive co-workers, absence of order, et cetera. Basically, a hostile work environment “leaves you feeling like dirt,” says Robert Sutton, a Stanford University professor who studies organizational behavior and author of The A**hole Survival Guide. In addition to harming your morale, this kin...

From eMarketer : Though some people prefer to enter the supermarket armed with a detailed grocery list, an attractive coupon can trigger impulse purchases, and encourage consumers to buy something they may have otherwise not. In fact, an Inmar survey of 1,000 US grocery shoppers in January 2018 found that nearly four in 10 respondents had bought more than they intended to because of a good deal. And almost as many bought from a brand they wouldn’t have otherwise purchased. As expected, consumers continue to rely on a combination of coupon types for savings. Fully 55% of those surveyed said they use both digital and paper coupons.

From Monster.com When it comes to stress, there’s probably no greater trigger than what happens at work. And while some jobs are more stressful than others, The American Institute of Stress says there are common pain points that many workers share. The biggest is workload (46%), followed by people issues (28%), work/life balance (20%) and finally, lack of job security (6%). As a manager, you can’t necessarily turn the office into a zen meditation garden, but there are things you can do to lower your team’s stress levels—and create a happier, more productive office. “It’s important that the team not be stressed,” says Joanne Vitali, a certified career coach in the Philadelphia area. “Stress releases cortisol, which takes energy away from the prefrontal cortex, making you less able to reason and respond well. You are, in a nutshell, way less productive.” So, should you be encouraging your employees to meditate? Maybe. But there are other things you can do that directly affect t...

From MarketingProfs In a world where consumers are more likely to shell out for concert tickets than buy their favorite band's merchandise, there's no doubting the power of experiences. Consumers today want a brand they patronize to enrich their lives, not just fill their closets or decorate their walls. That's why brands were predicted to increase their spending for experiential marketing 11% in 2017—nearly double from just two years ago. That said, to deliver truly transformative experiences, brands must challenge the traditional take on events and tradeshow exhibits. We're entering a new generation of experiential marketing that considers cultural context, program timing, content development, and positioning within a brand's long-term business objectives. Using better insights to expand your experiential efforts, you can go beyond the places your brand normally advertises and activates.

From Thomasnet : Rolling off the couch in his office at Tesla Motors in Fremont California, which is where CEO Elon Musk admits to sleeping lately, the entrepreneur recently discussed some Model 3 production difficulties with CBS This Morning anchor, Gayle King. Just to recap, the Model 3 was rolled out last July with that now infamous “production hell” claim from Musk that accompanied a promise to produce 20,000 vehicles a month. First quarter projections have that figure closer to 3,300 Model 3s per month. Perhaps the most interesting part of the dialogue was that Musk agreed to over-doing the automation at the Fremont facility.

Obtained From:   US Census Bureau With only a few weeks left for your business to submit their census survey to the United States Census Bureau (USCB), the deadline is fast approaching. This year the USCB will be conducting the surveys online for the first in its history, which it hopes will streamline the process and make it easier for them to consolidate and itemize the data. Below is a brief list of just why  the economic census is important and what they use the information for: What is the Economic Census?  Every five years, the U.S. Census Bureau conducts the Economic Census, the official measure of the Nation’s businesses and economy. Businesses, policymakers, governments and communities use Economic Census data for economic development, business decisions, and strategic planning. The Economic Census serves as the statistical benchmark for current economic activity such as the Gross Domestic Product and the Producer Price Index. It provides informati...