New York SBDC Research Network

An article titled " Perform Due Diligence on Potential Investors " appeared recently on Business Week's website. Its author (Tom Taulli) reminds those pursuing venture capital and/or angel financing that, despite current lending conditions, there's still an obligation to review the qualifications and histories of potential investors. Just because traditional lending sources have tightened is no reason to act desperate, and give away too much during negotiations. Several suggestions are then offered as to what "due diligence" should be done. In addition to these, I recommend these two sites (both of which I've recommended in previous blog posts): 1) TheFunded (written about here on 5/21/07) 2) Punctuative - the Venture Capital Database (written about here on 8/6/08) Both sites are useful in that they enable those seeking investment to comment, critique, and/or condemn the performance of some funds out there. A little background, then, can only help.

We’ve had some nice articles in the national press recently. In case you missed them, here’s a few of the pieces: Entrepreneurs turn to small business centers for free help Geri Kavanah, Jerry Kobre and Tom Morley of the Rockland SBDC (and Tee Rowe, the new CEO at ASBDC) are all featured in this USA Today piece. When the CEO heads back to the mail room Our beloved State Director, Jim King highlights the importance of being a hands-on owner, and staying familiar with many aspects of business operation for CNNMoney.com. Staff cuts: 'This was the last resort' Lucille Wesnofske, Director of the Farmingdale Small Business Development Center discusses the efforts of small business owners to hold on to their staff during difficult economic periods (also at CNNMoney.com). I’ll use this as an opportunity to remind you all to send me an email (and a link when possible) when your center is in the news! If you'd like to see more NYS SBDC press, check out this page on our website: h

So much of effective marketing is just good timing. I think it is the difference between the waitress coming over while you are mid-bite to ask how satisfied you are with your meal and receiving a call or a reminder card at just the time you would need the nudge. I called a pest control service in the summer and they came and did their thing. Last week, I received a call asking if there was anything else they could do for the fall or winter service. I hesitated over a wasp's nest but that call made the difference. Unlike the politicians who inundate their audience with so many posters and sorry-we-missed-you cards that you can't stand the sight of them, an infrequent but well-timed mailing can be very effective.

The NYS SBDC Central office has been getting an inordinate number of pre-recorded phone calls lately. Many of them are apparently random-number generated and have messages that start: "We're pleased to let you know that you are eligible for our debt reduction service..." Quoting Simon & Garfunkel: "And blah, blah, blah." Since someone has recently asked us about how to build their credit, here are some do's and don'ts. DO establish credit by getting at least one credit card. DO choose a credit card wisely . DON'T, if you do get into credit difficulty, hide the overdue bills in a drawer, but rather talk with your creditors. DO get your credit report . You can get it for free . DO dispute credit report errors - yes, they do make mistakes, especially if your name is common. DON'T believe claims such as "We can erase your bad credit — 100% guaranteed" . DON'T try to hide unfavorable credit information by establishing a new credit

Last month, the Economic Research Service (part of the US Department of Agriculture) released a 33-page report titled " Marketing U.S. Organic Foods ". It spells out the continued growth in demand in the U.S. for organically-grown products. It identifies which distribution channels have proven the most successful for farmers to pursue, but also notes that supply sometimes cannot keep up with demand. An interesting read for our organically-minded clients.

The research network at the NYSSBDC has updated a document that can be used as a guide and information source for our clients in today's rough economy. Originally created in July 2008, this is the fifth version of the paper. The guide combines facts and figures regarding the current state of the economy as well as tips and strategies for surviving in down times. In order to create the document, we visited major and business news websites and found the most recent articles and blogs that are applicable to our client base. We would be happy to send the document to any advisor or NYSSBDC employee who requests a copy. Feel free to call, email, or leave a comment and we will send you what we are calling the "white paper".

The other day, it smelled really bad on the third floor of 22 Corporate Woods. Sewer maybe? It would have been really nice to open a window, but that's not an option. However, if you worked from home, you could open a window, and in the process improve your home office feng shui . Learn more about how color, desk placement, and sounds can improve the good energy flow of your workspace. Entrepreneur.com: Feng Shui for the Home Office About.com: How to Feng Shui Your Home Office Dummies.com: Using Feng Shui at Work: Private Offices and Cubicles

I was on Internet radio on Monday, October 5. Don't mind telling you that I was mildly terrified. Through a series of connections, involving the business.gov website , a woman named Barbara Weltman became aware of me and my connection with the NYS Small Business Development. Her producer, Gloria Luzier, e-mailed me and asked if I would appear on Barbara's radio show, Build Your Business Radio . I provided a few questions that she might ask me, about the SBDC, the State Data Center and blogs. I got a call about 4:20 pm to make sure I was actually at the appointed place, then again at 4:27. I never talked to Barbara herself before or after the show, but I was in contact with other friendly and helpful people, including Wade Taylor, wsRadio, Operations Officer and Assistant Program Director, who gave me information on how to provide the links below. SBDCs, State Data Centers, and the Curse of Blogging, Part I - Roger Green SBDCs, State Data Centers, and the Curse of Blogging, Par

I'm usually guilty of letting stressful situations get the better of me - quick temper, impatience with others, and other negative behavior. While there's nothing new in this article from last week's Forbes.com site, it serves as a useful reminder to me to heed its more direct suggestions: get exercise (it doesn't have to be marathon training), stay away from drive-thrus, etc. So, if you need a reminder as well, find the time & give it a read.

Last Thursday, Governor Paterson and the Governor's Small Business Task Force released the NYS Directory of Small Business Programs . According to the Albany Business Review, the handbook is a result of the work conducted by the Governor’s Small Business Task Force. The task force was made up of business leaders from across the state. The directory describes 143 state programs from 28 agencies aimed at helping New Yorkers start and grow their businesses. Categories include: Funding sources, technical assistance; and work force recruitment. “This directory will create a more open and helpful environment in which local businesses can grow and prosper, providing business owners and entrepreneurs with information on financing, tax breaks, and dozens of other topics,” Paterson said. Mike Elmendorf, New York director of the National Federation of Independent Businesses called the director “an important tool for small employers who currently struggle to navigate the maze of state resource

In today’s news, France announced plans to spend more than $2 billion (1.5 billion Euros) to create a battery-charging network for electric vehicles. In order to make owning and charging electric vehicles less onerous, the government would require charging stations in office parking lots by 2015 and in new apartment building complexes in 2012. This news reminded me of a very neat resource related to alternatively fueled vehicles in the U.S.. The National Renewable Energy Laboratory (a national lab of the U.S. Dept. of Energy) offers a online GIS tool, the TransAtlas , with data on alternative vehicles and fuels. The TransAtlas can map alternative fuel stations, the vehicle density of hybrid-electric, flex-fuel and diesel vehicles (down to the county level) and the location of hydrogen, biodiesel and ethanol production facilities. You can query the system (use the Query dropdown in the top right) to find information on specific points (ie stations) or select a region to download more de

From the press release: The Small Business Development Center at Stony Brook University has successfully competed in a New York State Energy Research and Development Authority (NYSERDA) Program Opportunity and was awarded $247,000 for its proposal entitled the “Stony Brook Energy Company Initiative”. The goal of the initiative is to facilitate the entry of new and existing companies into the renewable and clean energy business in New York State. The core of the Energy Company Initiative will be the traditional services offered by the New York State Small Business Development Center system. In addition, these basic services will be significantly augmented with a portfolio of activities including conferences, workshops, and counseling on funding opportunities specifically focused on renewable and clean energy business development. Further, an internet – based Early Stage Development Forum will be established to allow and encourage communication among energy company principals, and scien

This source offers a look at various factors that would demonstrate the relative ease or difficulty of starting a business in a great number of global economies. This is produced by the International Finance Corporation. These are electronic versions of the annual print reports on the regulations affecting business. The economies can be grouped by high or low or middle incomes, and will allow you to create reports. You can create a report on a number of topics, such as employment laws, enforcing contracts, property ownership, paying taxes among others. There are also sub-national reports for major metropolitan areas. Rankings Rankings of countries by various factors such as ease of doing business, or getting construction permits, getting credit and employing workers among others.

Copyright law has been long a fascination with me. And I spent over nine years selling comic books. So the news that Jack Kirby’s four children filed notices of copyright termination for 45 Marvel Comics characters fascinated me. Wait, you ask, who is Jack Kirby (August 28, 1917 – February 6, 1994)? He was only the co-creator of such characters as the Fantastic Four, the X-Men, the Avengers, and the Hulk in the 1960s for Marvel Comics, plus many more before and after that period for a variety of publishers. I even got to interview him once. But didn't Kirby sign a standard "work for hire" contract? That's a bit murky, but so was the "work for hire" provision before its 1976 revision . The LA Times has details . This is the same legal maneuver that the Siegel family employed to get back their half of the Superman copyright . Notices were sent to Marvel, Disney, Sony Pictures, 20th Century Fox, Paramount Pictures and Universal Pictures, suggesting that the

I'm as guilty as the next person when it comes to using search engines - I tend to use one search engine for every search. Obviously, I use databases and specific resources when I am doing research, but if I want to start a search from scratch, I head straight to Google. If I were to search for a video or audio file, I use Google. If I want to search for a topic or article, I use Google. But by doing this, I am limiting myself. There are hundreds of search engines available for use and many of them are geared toward searching for a specific type of file or result. 100+ Alternative Search Engines You Should Know lists many niche search engines that allow the searcher "to search for the things you’re looking for, and because they are more focused, their results tend to be more accurate." For example, MyPlick is a free service that lets you share, embed and discover presentations and slide shows online. TooDoc searches the web for PDF files and nothing else. You can even

A couple of website development tools: At the ASBDC conference in Orlando, I went to a presentation by Jan Zimmerman, author of Web Marketing For Dummies . On that book’s web page , she offers some tools helpful to clients planning a website or selecting a web developer. There’s a planning form, web marketing spreadsheet to analyze costs and sales objectives, and a website assessment form which might be really useful for advisors wanting to offer feedback on client sites. All these tools can be downloaded here . Jan also discussed how we typically read websites ( ie , not very thoroughly, most important things should be in the upper right, then left side, middle is often less important. ) If you’re interested in learning more about where the eye travels when viewing a site, Jakob Nielsen offers several articles about eyetracking , with some great advice for website usability .

Unsurprisingly, we at the Research Network are keen on blogs and blogging. But it's true that a blog that's not updated regularly is probably more problematic than no blog at all. Chris Crum over at Small Business Newz addresses this issue in Business Blogs Only Work if You Use Them . After he notes all of this blogs lying abandoned in cyberspace, Chris notes the benefits of sticking with it: Chris notes that a business blog "can inspire trust and keep the public informed about your business activities. However, it's only going to be a great tool if it is maintained. "I realize an update every day is not always practical, but I wouldn't advise against it unless there is nothing to say. You probably don't want to force your writing, but regular updates are key to making sure people know you are taking the blog seriously, and it will give them reason to come back (or hopefully subscribe via RSS). If your business is on Twitter (or other social media sites)

There has been a lot of hype in the news lately about whether or not the recession has ending or is in the process of ending. Both President Obama and Ben Bernake, the chairman of the Federal Reserve Board, have stated that they believe the recession to be over, or at least near its end. Whether or not is has ended is certainly up for debate and below are articles from both sides of the argument. Recession 'Likely Over' Conference Board index shows continued economic improvement Job cuts ease in August 86 percent in US believe recession continues Economist sees strong chance of 'double-dip recession'

I've pulled together a few articles on developing a pricing strategy as this is something that comes up frequently. Starting Up: Pricing Your Products September 29, 2008 By Diana Ransom How to Calculate Your Breakeven Point You need to keep this figure as low as possible. But do you know how to calculate the breakeven point when you sell multiple products? Entrepreneur.com By Ian Benoliel May 27, 2002 Calculating Overhead and Price http://www.missouribusiness.net/docs/calculate_overhead.pdf 1999 This school of management has a breakeven calculator to help student work out a pricing strategy: http://connection.cwru.edu/mbac424/breakeven/BreakEven.html

WASHINGTON— Small Business Administration Administrator Karen Mills and Department of Homeland Security Secretary Janet Napolitano announced the availability of a preparedness guide designed to assist small businesses in planning for the possibility of an H1N1 flu outbreak this fall. "Small Business owners should take the time to create a plan, talk with their employees and make sure they are prepared for flu season," said Mills. "For countless small businesses, having even one or two employees out for a few days has the potential to negatively impact operations and their bottom line. A thoughtful plan will help keep employees and their families healthy, as well as protect small businesses and local economies." Outbreaks of H1N1 flu are occurring now across the country and will likely coincide with the return of seasonal flu this fall and winter. The preparedness guide offers small business employers tools and information to help them plan for and respond flexibly