New York SBDC Research Network

Following its September workshop on  Ransomware  – malicious software that denies access to computer files until the victim pays a ransom – the Federal Trade Commission is offering tips on how consumers and businesses can protect devices and respond to ransomware. The FTC offers  How to defend against ransomware  to help consumers. Businesses can find guidance in  Ransomware – A closer look  and the accompanying video,  Defend against Ransomware . From Ransomware - A closer look: Ransomware is a form of malicious software that infiltrates computer systems or networks and uses tools like encryption to deny access or hold data “hostage” until the victim pays a ransom, frequently demanding payment in Bitcoin. In the typical case, the criminals demand between $500 to $1,000, but some have demanded as much as $30,000. Panelists described a wide variety of ransomware variants. For instance, some hackers will delete the victim’s files if payment isn’t made within a specified period of ti

The Empire State Purchasing Group has updated its website. The original URL (empirestatebidsystem.com) will now take you to http://www.bidnetdirect.com/new-york , where your old vendor login and password should still work. "All participating local government purchasing departments invite vendors to register for exclusive access to RFPs, bids and awards on the bid system. Registered vendors benefit from more bid information in a central location, less paperwork and an easier method of doing business with New York local governments." Creating a new vendor account to be able to access bid information is simplified. It lets the user poke around and see what our clients see. To create a free account, simply DO NOT SELECT a paid program and hit NEXT. It will sign you up for the free account. You'll need to renew your subscription every six months, but it's free. The site now includes a search functionality for bids that should create more ease of use when trying to fi

From SBA : Every business owner should be aware of lean business planning. It’s a perfect compromise between the old-fashioned formal business plan that is too big and static, and the kind of small steps and analysis that is the watchword of lean manufacturing and lean startups. It’s all about taking small steps and evaluating results often. And planning, for real businesses, isn’t about the big plan; it’s about the management it causes. Why would you, as a business owner, care about planning? I hope that’s an obvious answer, related to focus, priorities, and getting things done. Planning, done right, is about managing your business better. Set expectations, track results, and manage the difference between what you expected and what happened. You know you can’t do everything.

Have you ever heard of DBE and DMWBD? DBE stands for Disadvantaged Business Enterprise. The DBE program is designed to remedy ongoing discrimination and the continuing effects of past discrimination in federally-assisted highway, transit, airport, and highway safety financial assistance transportation contracting markets nationwide. The primary remedial goal and objective of the DBE program is to level the playing field by providing small businesses owned and controlled by socially and economically disadvantaged individuals a fair opportunity to compete for federally funded transportation contracts. DMWBD is the abbreviation of the Department of Minority and Women's Business Development.

You’re back in the office after the show. You’ve thanked everyone, collected all the leads–and even collected more leads this year. The show was a success! As you prepare next year’s budget and you think about why it was a success, and why your budget should be increased (or not decreased), you’re forced to justify your participation in each show and simply increasing leads isn’t enough. So what’s next? Prepare in advance for budget justifications. SBA provides 4 steps to guide you prepare your budget justifications. See part 1 and part 2 .

You have probably known NAICS , the North American Industry Classification System, which was developed as the standard for use by Federal statistical agencies in classifying business establishments for the collection, analysis, and publication of statistical data related to the business economy of the U.S. With NAICS we can classify and search a specific industry very conveniently and accurately. However, there is no central government agency with the role of assigning, monitoring, or approving NAICS codes for establishments. NAICS Codes are self-assigned based on the establishment’s primary activity. Besides NAICS, there are lots of industry classifications in the world using by different countries. And there are also some similarities and differences between them.

From Watson CPA Group : Starting and running a small business can be very challenging, but very exciting. Probably more of a pain in the butt, yet most business owners start a company to do something they love. That passion can be a great motivator, but it can also be a detractor. Proper tax preparation and planning, recordkeeping of your small business tax deductions and money handling is a must. This is just the operational stuff- you also have to consider entity structure, exit strategies, risk mitigation, retirement planning and all that hoopla. From Quickbooks : Managing your business finances does not have to be eat-your-spinach drudgery. The key, of course, is to create a realistic plan with a budget, record your transactions correctly, review your results regularly and always keep good records. Your comfort level with the three basic financial reports that evaluate your fiscal health is also essential: the balance sheet, income statement and cash flow statement. LWS

From Smart Steps Greening Guide : As a small business, there are many opportunities to partner or benefit from EPA sustainability programs, tools and research. Whether your business is in need of reducing its energy, water and resource use or needs to better understand what green products are available for purchase, EPA can provide your small business with assistance in reaching your sustainability goals. Consider joining into a voluntary partnership with EPA. ENERGY STAR’s Small Business Network , which lists more than 12,000 small businesses, throughout the country, who have committed to improving their energy efficiency with ENERGY STAR. These leaders recognize that saving energy is not only good for the environment, it’s good for their bottom line. The small businesses that have joined this network are varied in size and in industry. Everything from an auto collision repair shop in Dover, Tennessee to a home improvement firm in Oxford, Massachusetts are proud to carry the EN

From Business 2 Community : You’ve raised capital, built a website, and opened the doors to your small business — now what? Raising awareness for your business and promoting it are essential for ensuring your success and thankfully that task is now easier than ever. With an estimated 78% of Americans now on social media these sites and apps have become go-tos for entrepreneurs looking to engage with customers and potential customers alike. However today it’s no longer enough to just be on social media. Recent changes made to how these platforms display content have been detrimental to small businesses — even those with large fanbases and followings. That’s why small business owners should seriously consider advertising on these networks in addition to their typical posting. Not only have many of the top social networks made it easy for entrepreneurs to target the right users and consumers for relatively little money but new opportunities for businesses to promote themselves are

From Washington Post : Census population data show that suburban America is, once again, outgrowing central cities. Even exurban counties, those beyond suburban areas, are gaining population faster than urban ones, for the second year in a row. And the growth that the densest places in the country have enjoyed since the housing bust is actually slowing down. See The Business Journals : After taking a hit during the recession, the suburban office market’s comeback is well underway — and businesses of all sizes are starting to take notice. Although there’s no shortage of available space in the suburbs — the national vacancy rate for suburban office properties was 15.1 percent in the second quarter of 2015, versus 10.6 percent for buildings downtown, according to CBRE — demand is on the rise. A total of 13.3 million square feet of suburban space was absorbed last quarter, more than double the quarterly average of 6 million square feet since 2010, allowing office landlords to push rents as

In August a review team from the America’s SBDC Accreditation Committee visited the Central Office and Regional Centers across New York State. The review team was led by Katie Sewell, Idaho SBDC State Director. The other team members were Arizona SBDC State Director Janice Washington, Kansas SBDC State Director Greg Panichello, and Georgia SBDC Associate State Director Beth Melnik (who also serves as the Chair of the Accreditation Committee). The team was in New York for a week, beginning with a review of the Central Office in Albany. The reviewers were then escorted by NY SBDC senior staff to the Albany Regional Center and departed to conduct separate tours of Regional Centers in the northern, western, central and eastern, and greater NYC and Long Island regions of the state. Reviewers met with Regional Center staff, Advisory Board members, SBA District (3) officials, and representatives of NY SBDC partners and allies. Three of the reviewers were accompanied by observers from SBDC

From Healthcare Trends Institute : Entrepreneurs and small businesses may still be looking at first quarter results and getting a feel for how their year will go. But that’s not the only thing they should be considering at this point, they need to start thinking about health insurance and not wait until the fall. Open enrollment always has a way of creeping up fast and taking the time to reconsider your health plan or consider offering health insurance for your group should be explored now. From AWANE : Health insurance continues to consume a large portion of a business' money and often payroll is the only expense that tops it. According to the U.S. Bureau of Labor Statistics, in March 2016, health insurance benefits cost small businesses (with less than 50 employees) an extra $1.61 for every hour worked by an employee. Multiply that by a 40 hour work week, and that comes out to almost $65 a week, $260 a month or over $3,000 a year, per employee. In other words, health

From People's United Bank : Your business is growing, but not as quickly as it could and you know it. You need capital to fuel expansion - to move into new markets, hire more staff, increase service and product offerings and grow more profitable with ever-expanding margins. Instead of borrowing expansion capital, maybe it's time to consider going public - selling ownership shares of your business to the public. But going public isn't as easy as simply offering stock to outside investors. Your business needs a solid track record of profitability, increasing revenues and reasonable margins in a healthy, growing industry or market sector. Investors want to see a strong management team, a vibrant corporate culture, a sound business infrastructure and growth potential. Lots of growth potential!   From Investopedia : An initial public offering (IPO) is the first sale of stock by a company. Small companies looking to further the growth of their company often use an

From wikiHow : Corporate bonds are a financial tool that a corporation uses to raise funding. They are an alternative to acquiring loans from a bank or issuing shares of stock. Corporations use the money from bond sales to finance a variety of improvements, like business growth, new factories, or new equipment. When an investor buys a corporate bond, he is essentially buying an IOU from the corporation that is to be paid back after a pre-determined time (the maturity date). The bond will also typically pay coupon payments, which are interest-based payments made to the bondholder at regular intervals (usually semi-annually). Corporations usually enlist the help of investment banks, which function as underwriters, to organize the creation, marketing, and sale of the bonds.   From Chron , which also tells you how to issue bonds : Issuing bonds lets your corporation remain privately owned while you raise money to grow your business. You can sidestep most Securities and Exchan

From Go Digital : Consumer interest in the “sharing economy,” a popular term that’s been loosely defined as an economic ecosystem built around the sharing (renting) of assets, is exploding. Along with consumers, an increasing number of rising companies and small business owners are finding that they, too, can benefit from collaborative consumption. From big-name companies, such as Airbnb and Uber, to smaller marketplaces like DogVacay, Getaround, and LiquidSpace, businesses increasing in popularity and local merchants are exploring new ways to get in on the action.   According to a 2014 report by Nielsen, the consumer peer-to-peer rental market is now worth an estimated $26 billion. Sixty-eight percent of global consumers say they’re willing to share their own assets, and 66 percent say they’re willing to seek shares from others. Businesses are generating extra revenue by renting their own unused assets to consumers, and many are working with other merchants. By taking adv