New York SBDC Research Network

From the Wall Street Journal Universal product codes — UPCs — are the 12-digit numbers that appear under the barcodes on many U.S. products. Getting a UPC means first joining a group to get assigned a unique identification number. They are given out by GS1 US, a nonprofit group that sets standards for international commerce. Here’s how it works: Businesses pay to join GS1 US , and in exchange, it assigns each member its own identification number that appears as the first part of its UPC. Membership can be pricey -- an initial fee of least $250, plus annual renewal fees starting at $50. Companies usually need different UPC codes for each product they sell, even if it is just a different size. So companies will add more numbers to their GS1-issued identification code to identify each of their products. You save money by using a UPC code reseller, but if you're selling through major retailers, this isn't an option.

From The Balance Exit strategies are something that every investor in a business looks for. But even if you are running a one person sole proprietorship, you need an exit strategy. For you, as for any investor in a business, the questions are the same when it's time to move on. How are you going to get your money out of the business? And how much money are you going to get? Having an exit strategy worked out in advance helps ensure that you like the answers to those questions and gives you some control over your small business's future. The best exit strategy is the one that best fits your small business and your personal goals. Decide first what you want to walk away with. If it's just money, an exit strategy such as selling on the open market or to another business may be the best pick. If your legacy and seeing the small business you built continue are important to you, then family succession or selling to employees might be best for you.

When large scale disasters hit an area, the infrastructure failure is particularly damaging to small businesses. Recent flooding in Louisiana points to a hard rule: when your business is cut off from clients, vendors and critical staff, the economic losses continue long after the cleanup is done. The key to protecting your assets and becoming resilient in the face of a natural disaster, cyberattack, or random power outage is having a solid business continuity plan. The cost of developing a plan is low, compared to the long-term financial losses that could occur when you’re caught off guard by a crisis. Learn how to build your own disaster preparedness plan during three free National Preparedness Month (NPM) webinars this month hosted by the U.S. Small Business Administration and Agility Recovery. The series is presented in collaboration with FEMA’s Ready Campaign , and the 2016 NPM theme is “Don’t Wait. Communicate. Make your Emergency Plan Today.” The hour-long webinars will

Elena Yakubovskaya, a research scientist at SUNY Stony Brook, earned her Ph.D in the field of molecular and structural biology in Russia. Ten years ago in her spare time, she was one of the founders of School Nova at Stony Brook, which provides supplemental STEM instruction to elementary students on weekends. In addition, she is the Director of Sigma Camp, a summer STEM educational camp for gifted students. In 2014, Elena started Mindwick, Inc. with the goal of promoting early science education for students in grades 1-3. In 2015 Mindwick was awarded a $150,000 Phase I SBIR grant from the National Science Foundation (NSF) to develop "Ready for STEM" - a new educational program for improving reasoning skills in elementary school students. The Phase I “proof of concept” work results were well received when submitted to the National Science Foundation. In 2016, Elena applied for a Phase II $750,000 NSF grant and two new Phase I grants at other agencies.

From Thrive & ADP Inventory shrink is a loss of goods either due to theft, damages/spoilage or administrative errors on items moving from a manufacturing site to an end customer. The shrinkage can be referred to as a hit to the margin or loss in profit. Inventory shrinkage, or the loss of stock, can directly impact your small business's bottom line. According to 2015 data from the National Retail Federation (NRF), U.S. retailers experienced $44 billion in losses due to inventory shrinkage in the year prior. Organized retail crime and shoplifting accounted for 38 percent of those losses, while internal theft and assorted administrative errors accounted for 35 percent and 17 percent, respectively. It's clear that getting a better handle on shrinkage involves a careful process. As shrinkage can be a costly headache for your small business, getting this problem under control may be one of the best investments you can make. By following the suggestions by THRIVE, you

From Forbes Hiring the right talent is critical to the success of any organization, and it’s especially important for a small business. One employee’s influence can potentially be felt more strongly in a small business than at a large organization. Likewise, when one person leaves a job at a small company, it can be more difficult to cover his or her responsibilities than it would be at a larger firm, especially since most small-business employees wear many hats. One good employee can also propel the business forward, while a bad hire can set back productivity, damage morale, and cost an employer both time and money. Small businesses created 79,000 jobs in January 2016, according to the ADP Small Business Report. How can hiring managers ensure that these jobs are filled by the best candidates who can set their small business up for future success? Joanie Courtney, senior vice president of Global Market Insights at job-search company Monster Worldwide, urges small-business own

From The Guardian Customer service is the badge that every company wants to wear because satisfied customers remain loyal to you and recommend you to others. New customers require time, effort and a significant marketing budget to acquire. It's not hard to keep customers happy, even though we all know from bitter experience that few companies get it right. All that's needed is to put their needs at the heart of everything you do. Communication is vital because your customers want to feel valued and respected. They're also looking for peace of mind that they can trust you will deliver what you promise. Customer service has never been more important; in the current climate consumers are shopping around and demanding more value for money. Businesses that thrive will not pay lip service to customer service, but instead ensure that everything they do is based around doing the very best by the people who choose to buy from them.