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Small Business Success Story - N.K.Bhandari Architecture & Engineering

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Each year the New York Small Business Development Center recognizes outstanding small businesses in a variety of ways.  This Success Story from the  Onondaga SBDC  appears in our  2015 Annual Report .  Christopher R. Resig N.K.Bhandari Architecture & Engineering Onondaga SBDC Christopher R. Resig, became President and owner of N.K. Bhandari Architecture & Engineering, P.C. (NKB) in January 2015 after his brother Jim became ill. Chris has been with the firm for 18 years and he and his brother became co-owners in 2012. The firm acquisition was a private transaction that involved both financing by the seller and cash provided by the client. The seller also financed working capital with the client and the client secured a line of credit from Key Bank.  The sale saved 9 jobs and created 4 new jobs. Since becoming the owner, Chris has focused on growing and diversifying the business, and has been working with Advisor Joan Powers at the Onondaga SBDC on an ongoing basis

Entrepreneurial Businesses Seeing Growth

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From the Kauffman Foundation : Although the growth of young entrepreneurial businesses has increased it has not yet returned to pre-Recession levels, according to new research from the Kauffman Foundation. The Kauffman Index of Growth Entrepreneurship measures the growth of entrepreneurial businesses in the United States. In 2016, the index experienced the largest year-over-year increase in the last decade, according to its authors, Kauffman researchers Arnobio Morelix, E.J. Reedy, and Joshua Russell. Despite this uptick, however, entrepreneurial growth is still down compared to the levels experienced in the 1980s and 1990s.

Five Local SEO Tips for Small Business Owners

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From MarketingProfs : Search engines keep getting smarter, but that doesn't mean SEO is no longer necessary. Your business will lose out to competitors if you're not working to keep it in the public eye. Although all SEO hinges on great content and a responsive website, local SEO has its own practices and requirements that influence how you rank locally. There are literally hundreds of local SEO ranking factors to consider, but what I've detailed here are five of the most important. 1. Create a targeted landing page for each location

Small Business Success Story -GKIDS Inc

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Each year the New York Small Business Development Center recognizes outstanding small businesses in a variety of ways.  This Success Story from the  Manhattan SBDC  appears in our  2015 Annual Report .  Eric Beckman GKIDS Inc Manhattan SBDC GKIDS is the distributor of top-caliber, award-winning animated films from around the world. Founded in 2006 by Eric Beckman, past releases include many award winners and Eric is a founder of the New York International Children’s Film Festival. The company has scored four Best Animated Feature Oscar nominations – the most for an independent distributor – with The Secret of Kells in 2010, A Cat in Paris and Chico & Rita in 2012, and Ernest & Celestine in 2014.  As his business grew, Eric found that many NYC banks were unable to understand his industry and financing needs. GKIDS purchases rights upfront and receives the revenue in future periods. The revenue stream was fairly consistent and predictable but banks were unwilling to

Telemarketing Sales Rule Now Prohibits Certain Payment Methods

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From the FTC : The Federal Trade Commission wants businesses to know about important Telemarketing Sales Rule (TSR) amendments that are now in effect. These changes make it unlawful for telemarketers to use three types of payment methods exploited by con artists and scammers. As of this month, it is illegal for telemarketers to ask consumers to pay for goods or services using cash-to-cash money transfers, such as MoneyGram and Western Union provide, or by providing PIN numbers from cash reload cards such as MoneyPak, Vanilla Reload or Reloadit packs. It also is illegal for telemarketers to use unsigned checks called “remotely created payment orders” to withdraw money directly from consumers’ bank accounts. As detailed in a press release issued in November 2015 , the FTC finalized the payment method bans amendments to the TSR late last year.  Business guidance about the new bans  is available.  New guidance warns consumers  that any telemarketer requesting payment using these meth

Employers and Providers: Electronically File Information Returns with IRS by June 30

Self-insured employers, applicable large employers and health coverage providers are reminded that the  June 30  deadline to electronically file information returns with the IRS is approaching. The deadline to provide information returns to employees or responsible individuals was  March 31 . While the deadline to file paper information returns with the IRS was May 31, electronic filers have more time. This chart provides a reminder about the upcoming filing requirement and the  June 30, 2016 , deadline.                     Action Electronic Filing Due Dates in 2016 for… Applicable Large Employers – Including Those That Are Self-Insured Self-insured Employers That Are  Not  Applicable Large Employers Coverage Providers –        Other Than Self-Insured Applicable Large Employers* Electronically File 1094-B and 1095-B with the IRS Not Applicable ** June 30* June 30 * Electronically File 1094-C and 1095-C with the IRS June 30 * Not Applicable Not Applicable *If you file 250 or mor

Out and Down: Mapping The Impact Of Brexit

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From The Economist : Leaving the EU would trigger a recession and set real GDP back by 6% by 2020. This is one of the key findings from the latest report from the Economist Intelligence Unit (EIU), Out and down: Mapping the impact of Brexit. The report, which explores a post-Brexit landscape and its impact on key industrial sectors, suggests that the impact on specific UK industries would vary by sector and would be largely negative—although some sectors will find themselves more insulated than others. Other findings include: The uncertainty caused by a “Leave” vote would upset consumer and market sentiment, causing a 14-15% devaluation of the pound against the US dollar. Delayed investment and spending decisions would hit real GDP growth most in 2017. Weaker trade ties would exacerbate this decline from 2018 onwards, therefore, in real terms the UK economy would be 6%—or £106bn—worse off in 2020. Pharmaceutical exports, access to medicines and research grants could all be at r

What Happens to High-Growth Firms?

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From SSTI Because they focus on attracting mature firms through relocation incentives, job creation strategies at the state level are often misguided, according to the Center on Budget and Policy Priorities. Despite this, many metropolitan regions are increasingly focusing their efforts on attracting and retaining the high-growth firms responsible for an oversized share of job growth and economic output. While considerable research has focused on the important role that startups and high-growth firms play in the national economy, relatively little has been done to apply a regional lens to this phenomenon. New research, tracks high-growth firms over a multiple-year period to assess how their changing operations can inform regional economic development. In The Role of Entrepreneurship in U.S. Job Creation and Economic Dynamism, researchers from the University of Maryland and the U.S. Census Bureau assess the importance of startups and young firms as contributors to job creation and

Small Business Success Story -Cornerstone Restaurant

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Each year the New York Small Business Development Center recognizes outstanding small businesses in a variety of ways.  This Success Story from the  Rockland SBDC  appears in our  2015 Annual Report .  Barbara Nochturft and Andrea D’Andrea Cornerstone Restaurant Rockland SBDC The Cornerstone Restaurant in Congers opened in September 1994 when owners Barbara Nochturft and Andrea D’Andrea, who had previously worked together, decided to start a venture on their own. Since 1994, the pair has served clientele savory and healthy breakfast and lunch options, and looked forward to growing the business. When Super Storm Sandy hit, an extended power outage forced the Cornerstone to close, caused extensive inventory losses, and derailed their growth plans.  Further complicating the restaurant’s recovery was the inability of suppliers to deliver fresh inventory as soon as the storm passed because many roads were still inaccessible. With true entrepreneurial spirit, Barbara and Andre

FTC Action Halts Phony OSHA Scam that Targets New Small Businesses

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The Federal Trade Commission has charged a Florida man and his company with bilking at least $1.3 million from newly-opened small businesses by pretending to be a federal government agency, and threatening that the business will be shut down or fined unless they purchase occupational safety and other government regulation posters for their premises. At the FTC’s request, a federal court has temporarily halted the operation. The agency seeks to permanently stop the alleged illegal practices and obtain refunds for the victimized businesses. According to the FTC’s complaint , the defendants call business owners, pretending to be the Occupational Safety and Health Administration or some other agency. Using names that sound like government agencies, such as “Occupational Safety and Compliance Administration,” “US Corporate Compliance Office” and “Occupational Compliance and Safety Administration,” defendants tell the businesses that they are not complying with federal law and that the g

What Does it Really Take?

So you want to/maintain a business? And now you know why you aspire to achieve these goals. The next enivetiable question is-How do I make this happen?

Small Business Judo: Using Size to Your Advantage

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From AIER : The common narrative about small business usually goes in one of two directions. First, many predict doom for “mom and pop” firms in America, arguing small businesses must be protected from giants like Walmart, who can charge lower prices. The second narrative focuses on the benefits these businesses bring to our economy and communities, stressing the need for consumers to “support” small and local business. Notably gigantic firm American Express, for example, sponsors Small Business Saturday every December, encouraging people to “rally their communities” to shop at local stores. In reality, small businesses are profit-driven entities in our capitalist economy. While regulatory protection and goodwill from consumers may help on the margin, what small businesses need are working strategies to offer the market something of significant or unique value.

SEED Program Now Accepting Applicants in the Albany Area

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From the Albany SBDC: Does your business need financing, but the bank will not fund your venture? Do you or someone you know have a great idea for a business, but no capital to get things started? Are you looking to expand your business, but lack the necessary capital? The SEED Program may be able to help! SEED is a character based micro-loan program that is funding entrepreneurs based off of character of the entrepreneur and capacity of the business. Program Components  Loans up to $35,000 Entrepreneurial Training Classes One on One Business Counseling Interns to Assist with Business Plan Development Peer Support Network Since the program was established, SEED has successfully funded 54 entrepreneurs that would not have been eligible for traditional commercial loan programs. Applications for the Summer Session of the SEED Program are now being accepted.    For more information: Contact Kate Baker 518-380-5073 http://www.albany.edu/seed/ SEED is possible

Disruptive innovation

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According to the Wikipedia, a disruptive innovation is "an innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market leaders and alliances. The term was defined and phenomenon analyzed by Clayton M. Christensen beginning in 1995." Here are some recent articles describing disruptive technologies:

Small Business Success Story -Mindwick, Inc.

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Each year the New York Small Business Development Center recognizes outstanding small businesses in a variety of ways.  This Success Story from the Stony Brook SBDC  appears in our  2015 Annual Report .  Elena Yakubovskaya Mindwick, Inc. Stony Brook SBDC Elena Yakubovskaya, a research scientist in the Pharmacology Dept.at SUNY Stony Brook, received her Ph.D. in the field of molecular and structural biology from the Institute of Molecular Biology in Moscow. About ten years ago, she was one of the founders of School Nova, a Stony Brook University program that provides supplemental STEM instruction on weekends for elementary school students. Elena is currently the director of a summer STEM educational camp for gifted students.  During 2014, Elena decided to sharpen her focus on STEM education by starting Mindwick, Inc. to promote early science education among public elementary school students (grades 1-3). When she needed assistance with her venture, Elena was pleasantly su

How to Reduce Costly Chargebacks at Your Business

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From MarketingProfs When businesses accept credit cards as a payment option, they run the risk of being faced with chargebacks: when credit card users dispute charges on their accounts and demand to be reimbursed for the purchases. Chargebacks were designed to help credit card customers protect their accounts, and they still do, but they can also become a nuisance for businesses: Dealing with chargebacks can take valuable time away from employees, and it can be costly. Moreover, frequent chargebacks can affect a company's ability to maintain a merchant account and accept credit card or ACH payments. Also, merchant account providers can impose steep fines associated with high chargeback rates, or they can put funds on hold. All of that makes reducing the occurrence of chargebacks crucial. The first step in doing so is to determine the causes of chargebacks. Sometimes, unhappy customers issue chargebacks in an attempt to get their money back without having to communicate wi

Employer Costs for Employee Compensation

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From the Bureau of Labor Statistics : Employer costs for employee compensation averaged $33.94 per hour worked in March 2016, the U.S. Bureau of Labor Statistics reported. Wages and salaries averaged $23.25 per hour worked and accounted for 68.5 percent of these costs, while benefits averaged $10.70 and accounted for the remaining 31.5 percent. Total employer compensation costs for private industry workers averaged $32.06 per hour worked in March 2016. Total employer compensation costs for state and local government workers averaged $45.23 per hour worked in March 2016. Employer Costs for Employee Compensation (ECEC), a product of the National Compensation Survey, measures employer costs for wages, salaries, and employee benefits for nonfarm private and state and local government workers. Metropolitan area costs in private industry Total compensation, wages and salaries, and benefit costs in private industry are included in this release for 15 combined and metropolitan statis

Advocacy Recommends FCC Exempt Small Businesses from Proposed Rules to “Unlock the Box”

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On May 31, 2016, the Office of Advocacy submitted an ex parte letter to the Federal Communications Commission (FCC), asking the FCC to further analyze the small business impact of its proposed rules under Section 629 of the Communications Act.   The FCC proposed rules that would require multi-channel video programming distributors (MVPDs) to supply certain programming information in formats that conform to specifications set by open standards bodies.  The FCC published an Initial Regulatory Flexibility Analysis (IRFA) with its proposal, but did not attempt to quantify the impact that the rule would have on small MVPDs.  Numerous commenters, including small MVPDs, as well as public interest groups and technology companies supporting the rule, have indicated to the FCC that the proposed rule will disproportionately affect small MVPDs.  These stakeholders have also suggested that the FCC can exempt small MVPDs from the regulations, while still achieving its Section 629 goals.  In comment

SBA and AARP Renew “Summer of Encore Mentoring” for Older Entrepreneurs

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The U.S. Small Business Administration and AARP are renewing their “Summer of Encore Mentoring” educational events targeting entrepreneurs over the age of 50 who want to start or grow their small business.  Building on the success of last year’s “Summer of Encore Mentoring,” the SBA and AARP will match encore entrepreneurs with successful business owners, community leaders and advisers for advice, counseling and training assistance during the months of June, July and August 2016.   “The face of entrepreneurship is changing in America and more of those faces today belong to entrepreneurs over the age of 50.  Here at SBA, we are focused on building ladders of opportunity that are open, accessible and available to all entrepreneurs,” said SBA Administrator Maria Contreras-Sweet.  “We are fortunate to have a great partner in AARP, which has been dedicated to helping those over 50 take control of their future.” The “Summer of Encore Mentoring” will consist of nationwide events that pair

Meet the 2016 CNBC Disruptor 50 companies

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From CNBC : In the fourth annual Disruptor 50 list, CNBC features private companies in 15 industries — from aerospace to financial services to cybersecurity to retail — whose innovations are revolutionizing the business landscape. These forward-thinking starts-ups have identified unexploited niches in the marketplace that have the potential to become billion-dollar businesses, and they rushed to fill them. Some have already passed the billion-dollar mark at a speed that is unprecedented. In the process, they are creating new ecosystems for their products and services. Unseating corporate giants is no easy feat. But we ranked those venture capital–backed companies doing the best job. In aggregate, these 50 companies have raised $41 billion in venture capital at an implied Disruptor 50 list market valuation of $242 billion, according to PitchBook data. Already it's hard to think of the world without them.