New York SBDC Research Network

From Entrepreneur It's an age-old conundrum that faces every entrepreneur planning their business: What do I pay myself? There are a lot of different theories when it comes to this issue. To begin planning your pay, you need to put together your own personal financial statement that lists all your living expenses and any credit cards with outstanding balances as well as short-term and long-term loans. This may be one of the most difficult things you've ever had to do because you don't want to leave anything out. You want to make sure that your income from the business will be enough to cover your expenses. As simple as this sounds, pay yourself enough to meet basic living requirements. Depending on your situation, that means enough income to cover your bills, food and other miscellaneous living expenses. Strike all other discretionary items from your life for a while and get used to just the bare necessities. If you are used to dining at fine restaurants seven days

Kim DiLeo grew up in a construction family and learned about small business issues at an early age. After her first corporate job out of college, she soon realized she preferred small business. In 2011 Kim founded Kimco Group,  Inc. a mechanical construction company that specializes in plan and specification work both in the public and private sector. Over the past five years, Kim has expanded her one-employee business to an average of 5-10 employees, depending on contracts in process. Since 2011, Kim has applied for and received certification as a DBE, WBE and EDWOSB. She first consulted the SBDC in January 2013 to learn about Federal and NY State procurement opportunities. The company has grown substantially over the last few years from completed projects of less than $10,000 in 2012 to more than $3.5 million in completed projects by the end of 2015. In 2014, KIMCO became a union signatory in order to expand opportunities in the NY market. She also conducts

From Forbes The economy’s continued expansion could have you, like many business owners, optimistic about your company’s growth prospects for this year and going forward. Eighty-three percent of businesses are somewhat or extremely confident that their business will grow in 2016, and on average, these businesses expect a nearly 9 percent increase in annual revenue over the next 12 months, according to a recent survey through the Pepperdine Private Capital Access Index report. Businesses with less than $5 million in annual revenue were among the most confident. That means you may need capital to add employees, buy more inventory or purchase office space in the coming months. Small businesses, however, historically report a tough time obtaining financing, with half of applicant firms (especially among microbusinesses and startups) reporting in 2015 they were approved for less than the amount requested. The head of the U.S. Small Business Administration has cited industry estimates

From Huffington Post Credit Capital is possibly the most common reason hindering SME's from launching out. Small business owners spend months trying to acquire loans from banks often with little success and when the money finally comes, it becomes surprisingly difficult to keep a rein on spending all of it. Telephone and internet connections, shipping contracts, printing, stationery are some of the numerous day to daily requirements of running an office and the expenses tend to add up. Thankfully, operating business in the 21st Century comes with its perks. Technology is not only available to large companies but is also now affordable for small businesses including the possibility of integrated technologies that can provide services of two or more functions at the same time. Another advantage of technology is that it breaks the barriers of location, space and time. New technologies have become increasingly simplified and user friendly so everyone can benefit from them rega

From SBA Facing the task of building a social media following for your small business can feel like an uphill battle. What’s the use of wracking your brain to create engaging content when you have just a few dozen followers? If you create a social media post, and there’s no one to read it, does it even matter? Have faith, new business owner. It is worth your time to build and nurture your social media presence even when your business — and your online audience — are small. Take some of the drudgery out of creating social media content by remembering what sort of content you enjoy seeing online. What makes you smile or teaches you something you want to share with a friend?

From the American Institute for Economic Research : Big and small businesses can learn to live side by side, Max Gulker said at a recent edition of AIER's Summer Speakers Series. Gulker spoke about his new research brief, which talks about his interviews with small business owners who found an advantage that helped them survive or thrive. He rejected “the Godzilla theory, that these giant businesses are unleashed on a town,” and the small businesses in their path are helpless to fight back. And he also rejected the idea that small businesses need charity-style campaigns to survive.

Technical Sergeant Michael D’Antoni retired from the U.S. Air Force in 2004 with more than 20 years of service, and is now the owner of Versa-Tel Inc., a leader in telecommunications. The company designs and installs cutting edge commercial telecommunications systems, specializing in full-scope fiber optic network systems for high speed data and voice. Along with Michael, his highly trained certified technicians, provide a 25-year warranty on all Versa-Tel projects. Several years ago Michael consulted with the SBDC regarding sources of financing for additional equipment needed to fulfill a $4 million contract with the Long Island Dept. of Transportation for road work. Most recently Advisor Dave Chiaro provided assistance with business expansion, financing, and government contracting. In addition, the SBDC helped Michael apply for, and obtain his NYS Service Disabled Veteran Certification, one of only 160 small businesses with this certification. Recently, th

From eMarketer : The Internet has fundamentally changed behavior in the buying decision cycle, creating what we term the phenomenon of the self-sold customer. This article explores how to respond to digitally altered behavior in the buying cycle, deliver content to where it is most needed, and focus on the proven sales-generating power of SEO. By empowering purchasers to conduct their own research online, the Web has created a "closed" environment—i.e., one isolated from pushy salespeople—where buying decision-makers are increasingly determining which vendors they want to procure from before the suppliers are even aware they're under consideration. Buyers continue to look for answers to key questions: They still want to assess market trends, validate their own needs, and establish the credibility of companies and the veracity of their claims about their products and services. But instead of waiting for a salesman to come calling, they're finding answers by tap

From MarketingProfs : Businesses depend on email as the glue that pulls marketing tactics together, yet many otherwise-savvy marketers misuse email in a way that ultimately alienates customers. Years ago, one-size-fits-all communications worked fine, and you might well have created one email for everyone and sent it once a week. Though it still happens, it's no longer the norm now that merchants can take advantage of more sophisticated customer intelligence. Attention to the details can pay off. Email the right message to the right people, and you'll engage and delight your customers while driving more opens, clicks and sales.

Binghamton University SBDC August 17, 2016 Call 607-777-4024 or email to register

From Bplans : The one major challenge I face as a CEO is this: Where do I turn for help? Who advises me? Who reviews my performance so I know whether or not I am doing well? According to the Stanford Graduate School of Business, “Nearly two-thirds of CEOs do not receive outside leadership advice, but nearly all want it.” One of the biggest realizations I have had as a CEO is that I am not the best at doing everything in my business and that is not my job. My job is to find people who are better than me in certain areas and build the best team that I can. One of the biggest challenges I have had is figuring out how to hold myself accountable.

From Emarketer : Influencer marketing is rapidly gaining popularity among brand marketers, and according to recent research, nearly three-quarters of US marketers cite ongoing ambassadorships as one of the most effective uses of influencers. Marketers use influencers in a variety of ways, from leaving a review for their product to mentioning their brand in some way on social networks. For many (70.6%), ongoing ambassadorships are the most effective influencer marketing tactic. Product reviews are a close second—more than two-thirds of respondents mentioned them as being the most effective use of influencers. Brand mentions and sponsored content were other tactics marketers pointed out, and though affiliate links were also mentioned, few respondents cited them as being the most effective.

Gillinder Glass is a sixth-generation owned custom glass manufacturer located in Port Jervis that specializes in custom-moulded, hand-pressed glass products. In addition to producing as much as 50% of the glass components for airfield runway lights for the US market, the company provides products for lighting and other applications for many industry segments both domestic and international including airfield, aerospace and defense, architectural, commercial, industrial, theatrical, and transportation. Owner Charles Gillinder consulted the SBDC about investigating a supplier in China, and joined the IBD program on trade missions to China in 2014 and 2015. Through the SBDC introductions and coordination, Charles made contacts in several regions for his products, met with existing and potential suppliers, and had on-site visits with local suppliers. Charles also worked with the Mid-Hudson SBDC to obtain a NY Rising grant to recoup losses incurred during Hurric

From Bplans : Company history in a business plan? Yes, it’s a good addition to some business plans, but not all. When considering what to do with company history for your business plan, first consider the use of your business plan. For the traditional business plan to be used as a business summary for potential investors, bank loan managers, partners, or legal requirements, a short summary of company history is usually appropriate. As soon as history is relevant, of course, you cover the basic information. That includes when and where the business started and who started it. If the business has changed its formal legal entity, such as going from fictitious business name to LLC or corporation, that should be included. Don’t assume that a brand-new startup has no history.

The SBA Office of Advocacy has updated its most widely used publication: "Frequently Asked Questions about Small Business." The Small Business FAQ is the place to go to for the basics – how many small businesses are in the United States, how many employees they have, and what their growth trends are. A related tool, "Frequently Asked Questions About Small Business Finance," is also being released. The Finance FAQ outlines the borrowing and lending universe for startups and exiting small businesses, provides demographic information, and touches on important trends in the amount and modes of finance. Small Business FAQ In 2013, there were 28.8 million small businesses. • Eighty percent, or 23 million, had no employees (termed “nonemployers”) • Twenty percent, or 5.8 million, had paid employees • There were 18,600 large businesses. The number of small employers has increased after a decline during the recession, while the number of nonemployers has gradu