New York SBDC Research Network

This is the first post in our " Contracting Corner " series from Judy Wolf, Government Contracting Coordinator, Mohawk Valley SBDC & NY SBDC Procurement Assistance Center Interested in government contracting? There’s good reason to look toward this area of opportunity. According to USAspending.gov, on the federal level in FY 2015 alone, more than $428 billion were spent on nearly 3.4 million contracts. More than 127,000 of those contracts were awarded in New York State, bringing nearly $9.4 billion into New York. Add to that the fact that it is written into law that the federal government has to do everything in its power to funnel 23% of its spending to small businesses, and this equates to great opportunity for entrepreneurs! Federal agencies take this responsibility very seriously. Recent measures to enforce the importance of these goals include adding measurements to the evaluations of senior federal agency officials tracking progress toward meeting small busine

There are plenty of reasons to start a business while you are still in your 20s. Many people shy away from it — not because they don’t believe in their idea, but because they think they will be better at executing it once they are older and have more experience, more knowledge and more connections. Some of these arguments might be relevant, but most of them are just excuses not to step out of your comfort zone, so you continue the normal, everyday path of life. Once you start thinking seriously about the advantages of starting a business now versus starting a business when you are older, you realize being young has several invaluable advantages: 1. It’s a learning opportunity. Starting a business teaches you more than any university business course ever could. You get hands-on experience and get to see if the principles you learned in your classes are applicable in the real world. You also learn a lot about yourself: What are your strengths? Your weaknesses? Are you a people perso

Your opinion is important! The Small Business Administration (SBA) wants your input on how to design and implement a federal Women-Owned Small Businesses (WOSB) certification process to replace self-certification.  The SBA is seeking input and comments on certification of WOSB and Economically Disadvantaged Women-Owned Small Businesses (EDWOSB) in connection with the WOSB Federal Contract Program (set asides, sole source, etc).  SBA is planning to amend its regulations to implement section 825 of the National Defense Authorization Act for Fiscal Year 2015 (2015 NDAA), which  removed the statutory authority allowing WOSBs and EDWOSBs to self-certify.  SBA intends to draft regulations to implement the statutory changes.

Each new generation of communication networks allows technology to flourish. When 5G becomes available by the end of this decade, what will it mean for small business owners and the tools we rely on? With data transfer rates greater than tens of megabits per second, 5G will be 1,000 times faster than what we currently experience. This will make the possibilities for communication and marketing endless. Here are five ways 5G could help you bring your business to the next level: 1. New Ways To Communicate With Clients One of the first ways 5G could open up business prospects is through the capability of new forms of communication. If you’re an entrepreneur, blogger or small business owner of any kind, you probably already rely on services like Skype and WhatsApp to stay connected to your contact list. The mega-fast speeds of a 5G connection will enable new forms of communication. Think 3D holographic phone calls, rather than just flat streaming video. This will make virtual meet

A growing number of U.S. companies are expanding their operations into developing nations. But while the rewards can be significant, it can mean dealing with risks like including political instability that can hinder or harm normal business operations. That's where political risk insurance comes in. In the first installment of an ongoing series of interviews with various U.S. federal agencies about their most critical business programs, we talk with John Moran, vice president of the Overseas Private Investment Corporation (OPIC) about political risk insurance. But while some risks in business can have downsides such as rapidly shifting geopolitics, taking beneficial risks in the form of opportunities is part of every successful entrepreneur's DNA. In this newsletter we cover both opportunities and risk reduction across topics such as global markets, healthcare coverage, partnerships and patents. Read more at: Businessusa

The year 2015 began with a powerful nor’easter that dumped several feet of snow in Massachusetts, forcing major road closings and flight cancellations in the Northeast. In October, heavy rains in the Charleston, South Carolina area resulted in flooding that caused widespread losses. The year ended with deadly tornadoes and floods sweeping through the Midwest and the South. The factors that cause financial losses to small businesses exist every day. A solid business continuity plan will protect your organization and your assets while ensuring a quick recovery when a disaster occurs. Join Agility Recovery and the U.S. Small Business Administration on Tuesday, Jan. 12, for a free webinar that will take a look at how small businesses handled disaster-related losses in 2015, lessons learned, and the resulting best practices.

Reaching international markets has become easier than ever because of the variety of digital tools available. Simply translating your website into a local language and waiting for the new customers to come rolling in can be tempting: Your marketing is rock solid at home, so why wouldn't it work just as well abroad? This article will cover five common reasons why that kind of thinking won't win you new customers, and it'll offer suggestions for achieving success. 1. You didn't choose the right audience One of the biggest mistakes companies make with their global marketing is that they think of the world as an extension of their home market. How much time did you spend analyzing your home market's buyers' profiles, their habits, behaviors, needs, and motivations? When expanding abroad, you need to do make the same amount of effort for every market that you decide to enter. You'll need to take an in-depth look at whether potential customers will have

1. Time is more valuable than money. In essence, there are only three things we can spend in life: money, time and energy. The biggest caveat, however, is only money can be earned. The rest are just plainly lost in the process. That’s why it’s so important to be more stingy with your time than your money. You will need to say no more than you say yes. Most people think, in order to be productive, they should work tons of hours each week. But studies have shown that 35 is the special number. If you’re only working 35 hours a week, it’s hard to make time for office chat and wasted meetings. It’s important to avoid time sucks and to spend your time in the office focused on your priorities. Some of the most serial time-wasters are people who take bits and pieces of your time, which is quite significant in total once you add everything together. Some want to have incessant meetings with you, some want you to speak at their event and some just want your take on anything and everythi

Set up the basics Create a logo you love and a description that clearly, powerfully and simply explains what you're going to do. Include an email for people to contact. Then, create a landing site that briefly explains what is "coming soon" and a place to capture emails. We used Launchrock, which took under 10 minutes to set up. Plan your content You're going to need lots of quality content that reflects your brand. It's important to create a look that people will recognize as your own. Keeping this in mind in the beginning will also make it a lot simpler to decide what to post. We wanted to feature moms with their kids and share their stories. Now this is what people expect when they come to our feed. Be mindful of the fact that Instagram is a photography driven platform and images need to be clear, beautiful and interesting. Remember that timing matters To ensure you are posting at the best time of day for your market and reaching as many people as you can,

“Mother always knows best.” We’ve all heard this saying before. Whether she’s kissing a boo-boo or fixing up a meal that just hits the spot, Mom always seems to know the right thing to do in any given situation. So, it’s no surprise Mom’s advice could actually apply elsewhere. Here are five pearls of wisdom worth listening to while dealing with business: 1. Money doesn’t grow on trees. If it did, you wouldn’t need to be in business in the first place. Since you’ll have to work and earn every dollar you make, treat that money with respect. Remember the feeling you had when you made your first sale? Hold on to that. If you lose sight of the value of your money, you’ll find your business starting to spiral out of control. An easy way to save up is to set a budget in advance and stick to it. Even if you have an unexpectedly good month, by resisting the urge to spend (or reinvest) it all right away, you’ll be better prepared to ride out future bumps in the road. 2. If everyone jumped

What is one thing that is absolutely essential for running your business? 1. Taking input from your employees Your employees are your greatest resource. They see a side of the business that you might miss. They are around your product day in and day out, and might have a great idea for its improvement. So, are you taking advantage of this resource—or taking it for granted? Mark Daoust of Quiet Light Brokerage, Inc., says that his employee input is “the most valuable asset” he has in his company. “Even though I am 100 percent owner of my company, I don’t make any significant decisions without consulting multiple people within my company,” he says. He adds: “They see the business from a completely different perspective, which I simply can’t get.” 2. Scheduling time for your personal life When you’re starting out, it makes sense that your personal life takes a back seat. In that mad rush to get your business up and running, you might have slacked when it came to time with friend

I’ll admit that before we started PrestoBox, the best designs I created were colorful Excel graphs in Powerpoint. So non-Millennial. But today, everything has changed. We founded PrestoBox with the belief that good design—combined with technology—could create powerful results. And it does. Over the last few years, I’ve had the good fortune of working with some of the best designers in the country. The creativity that flows from these genius types is fun to experience. However, that’s not me—nor is it a skill of most small business owners. That being said, I’ve picked up a few tips and tricks that have made my life much easier. We still hire the big-gun designers for major initiatives (totally worth it), but I can get far with these simple design tools—and you can, too. Read more at: Bplans

Why “startup” marketing strategy, instead of just marketing strategy? Good question. The difference is that the startup has to aim more carefully. There are fewer resources and less room for error. The concepts are similar, but you aim for the bullseye, not just the target. It’s not just about the typical startup having fewer resources. It’s also about the likelihood that the startup needs to show the best results quickly, the more traction the better, because it’s inherently riskier in its first struggling phase. Go for the low-hanging fruit. So, the fundamentals still apply. Read more at Bplans

Your logo says a lot about your brand. Are you sending the right message? Across the U.S. and around the world, billions are spent each year by companies trying to build a brand people can't resist. One critical element in brand building (not the only one, of course but one of the most important) is design. As noted by Harvard Business Review, the convergence of brand and design are more important today than ever before. You don't have to look any further than the likes of Apple and Tesla for proof. From Fortune 500 companies to personal brands, it all starts with a logo. Would the Nike brand be as powerful without its signature "Swoosh" logo? What about Apple, with its iconic logo? Size, shape, font, and other design-related details are factors in a great brand design, but color is critical--it even has the potential to affect conversion rate. See, certain colors generate certain feelings; choosing the wrong one can speak to your potential customers in ways you

Small businesses will have more contracting opportunities beginning in FY 2017 thanks to a law President Obama signed recently that increases the maximum Small Business Administration surety bond guarantee percentage by 20 percentage points. The President signed the National Defense Authorization Act of Fiscal Year 2016 on November 25, 2015. Among other changes, the Act increases the maximum guarantee percentage in the SBA Preferred Surety Bond (PSB) Program from 70 percent to 90 percent. “This is the first significant legislative change to the surety bond guarantee program in several decades. It will provide increased incentives for surety bond companies and bond producers to participate in the program, which will expand contracting opportunities for small businesses across the country,” said Frank Lalumiere, Surety Bond Guarantee Program Director at SBA. Surety bonds help contractors bid on projects, both private and public as they protect project owners in the event the contr

We all face difficult decisions, but how can we increase the likelihood of making the right choice? Here are seven strategies to ensure you make objective decisions that aren't influenced by irrelevant factors. There's a limit to our objectivity as human beings, but with practice and with solid strategies in place, you can make the most objective decision possible. Try using one or more of these strategies when making your next major decision Read more at inc

This week, the Office of Advocacy released the Annual Report of the Office of Economic Research, FY 2015. This report details 26 OER publications and eight Small Business Economic Research Forums that were produced during fiscal year 2015. This year, OER produced research on the following topics: ·         Access to Capital ·         Employment ·         Innovation ·         Minority- and Women-owned Businesses ·         Veterans The report includes links to all the original documents. It can be found on Advocacy's website at https://www.sba.gov/advocacy/annual-report-office-economic-research-fy-2015

If you've had a boss or co-worker tell you to leave your attitude at the door, you can feel better knowing they were probably just trying to protect your innocent colleagues from catching your rudeness. That's right: according to new research from psychologists at Lund University in Sweden, rudeness is contagious, and it can have seriously negative effects on the workplace. The research... defines rudeness as "something that goes under the radar for what is prohibited and that in some way violates the norm for mutual respect." More from Payscale.com .

Notice 2016-1 SECTION 1. PURPOSE This notice provides the optional 2016 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This notice also provides the amount taxpayers must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that may be used in computing the allowance under a fixed and variable rate (FAVR) plan. SECTION 2. BACKGROUND Rev. Proc. 2010-51, 2010-51 I.R.B. 883, provides rules for computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes, and for substantiating, under § 274(d) of the Internal Revenue Code and § 1.274-5 of the Income Tax Regulations, the amount of ordinary and necessary business expenses of local transportation or travel away from home. Taxpayers using the standard mileage rates mu

It’s easy to picture the journey to entrepreneurship as a solitary adventure. The late-night brainstorming sessions, the planning, the research—I don’t know about you, but in my mind that’s one lone figure doing it all (fueled by a seemingly bottomless mug of coffee). Hey, if it works, it works—innumerable companies have been started in just such a way. But eventually, all successful businesses will have to start taking on employees, and that’s when the fun really begins. Or at least, that’s the assumption. Before you get there, however, you have to actually complete the interviewing, hiring, and onboarding process. For new entrepreneurs, this can be daunting. How do you go from being a solo venture to one where you’re forced to find and rely on others to help you grow and run your business? Read more at: Bplans