New York SBDC Research Network

From AIER : Small businesses are an important part of our economy and communities, but often we incorrectly assume that their small size is necessarily a competitive disadvantage. Numerous articles have proclaimed the end of Main Street, arguing that “mom and pop” shops cannot compete with the low prices and one-stop shopping of big-box chains. Others have touted the benefits of small business to local economies, emphasizing our duty to support small firms in our communities. In both lines of discussion, small businesses are seen as passive entities, handicapped by their size in our large and increasingly global economy. This brief takes a different view, showing that the most successful small businesses prosper because of rather than in spite of their size. These businesses often combine niche product offerings, superior customer service, a detailed understanding of local markets, and other attributes that larger firms are less able to capitalize on. After looking at some of the ba

From the Bureau of Labor Statistics : The Bureau of Labor Statistics (BLS) initiated the annual Employee Benefits Survey (EBS) in 1979, covering medium-size and large private sector establishments. Respondents to the survey provide data on the coverage and provisions that their plans offer employees, and BLS analyzes the data and publishes statistics on those plans in, among other places, the Review. Data from the EBS began coming in and, together with data from other sources, informed the Review’s pages throughout the 1980s. In 1915, when Commissioner Royal Meeker established the Monthly Review, the stated purpose of the new publication was to publish “the results of original investigations...[and] notices of labor legislation,” with attention paid to “the current work of this bureau [BLS], the other bureaus of the Department of Labor, or any other Government agencies dealing directly with labor matters.” In addition, the Review would “report [on] industrial accidents and occupat

The US House of Representatives has passed HR 5485, the Financial Services and General Government Appropriations for FY2017.  This bill, which funds the US Small Business Administration, includes $130 million in support for the 63 Small Business Development Center (SBDC) networks and their nearly 1,000 centers across the United States and in DC, Puerto Rico, the Virgin Islands, Guam and American Samoa.   "We particularly want to thank Financial Services Subcommittee Chairman Ander Crenshaw for his support. This funding increase will enable SBDCs to expand and improve our ability to assist small businesses nationwide, small businesses that are the vital foundation of our national economy.  Every day small businesses face challenges with access to capital, sales, marketing, and a host of other issues. This funding will make sure that SBDCs are there to help them grow and create jobs"

From eMarketer It’s not surprising that personalized marketing is top-of-mind for many marketers. Personalization can drive engagement and conversions. June 2015 research from the CMO Council found that higher response and engagement rates were the No. 1 reason to use personalized content, according to more than half of senior marketers worldwide surveyed.

From Empire State Development The state has created several tax-free programs including START-UP NY and the Innovation Hot Spot Program. These programs assist businesses that are forming, expanding or locating to New York State for the first time. As part of both programs, businesses interact closely with universities and have the opportunity to operate taxfree for a specified amount of time in order to facilitate growth while promoting entrepreneurialism and job creation in communities across the state. New York State Certified Business Incubator and Innovation Hot Spot Program Administered by ESD’s Division of Science, Technology & Innovation (NYSTAR), the New York State Certified Business Incubator and Innovation Hot Spot Program was enacted as part of the 2013-14 State Budget and provides financial support for business incubators in the state in order to support entrepreneurial activity. Through a competitive process, ESD has designated 10 Innovation Hot Spots (one for ea

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

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.

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

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

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

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

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

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

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

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