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How Millennial Business Leaders Are Changing SMB Marketing

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From Marketing Profs : Millennial small and midsize business (SMB) leaders are more likely than Baby Boomer SMB leaders to spend their marketing budgets on digital channels, such as social media and video, according to recent research from Magisto. The report was based on data from a survey of 218 Millennial (age 28-29) SMB owners/leaders and 275 Baby Boomer (age 60+) SMB owners/leaders. Millennial respondents spend more than half (58%) of their marketing budgets on digital channels, on average. Baby Boomers spend only 14% of their marketing budgets on digital channels, on average.

FTC Offers Advice on How to Avoid and Respond to Ransomware Attacks

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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

Empire State Purchasing Group has a new site

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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

Fundamentals of Lean Business Planning

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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.

DBE Application “Tripwires”

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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.

How to Prepare for a Trade Show and Justify Your Budget

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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 .

Industry Classifications in Different Countries

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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.

Tax Preparation for 2017

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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

Smart Steps to Sustainability 2.0

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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

Social Media Advertising for Small Businesses

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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

The Trend of Business Migration

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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

Accreditation Review 2016

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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

Healthcare plans for small business

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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

The Things You Should Know Before Your Company Go Public

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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

How to Issue Bonds for Small Business

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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

Ways Small Businesses Can Benefit from The Sharing Economy

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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

101 Small Business Ideas to Inspire You to Start a Business

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From The Balance : If you are looking for a small business idea to kickstart your path to entrepreneurship, you are in the right place. This list of 101 small business ideas includes everything from personal services, to retail opportunities, to environmental services, to pet-related ideas, to technology businesses. Use this list to identify the business idea that is perfect for your situation. It's time to take the next step, and evaluate the business ideas that made it to the top of your list. Doing this research at the beginning of the process is vital to avoid wasting time and money on a business idea that flops.

Trading Economics: International trade, finance, labor stats, prices, from around the world

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On a business listserv, one librarian pointed out a good resource for global corporate tax rates, 2006 - current , a website called Trading Economics. But the page is great for so much more: There are real time currency and stock market data for all over the world. Plus it has data on several topics. For instance- Labor: Employed Persons, Job Vacancies, Minimum Wages, Payrolls, Population, Productivity, Retirement Age, Unemployment Rate, Wages Prices: Consumer Price Index, Export Prices, Inflation Rate, Producer Prices Also several other categories, including Markets, GDP, Money, Trade, Government, Business, Consumer, Housing, Taxes If you are involved in international trade or just want info for markets across the world, check out Trading Economics

"I'll Be Online Later"; "Please don't"

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From LinkedIn "I'll be online later," you say, grabbing your laptop as you head out the door. "Please don't," say a growing number of CEOs who are radically rethinking the modern workday. Prompted by Millennials who value work-life balance, an increasingly global workforce spanning time zones, and devices that allow us to connect anywhere, anytime, these CEOs recognize the value of redesigning business to accommodate life, and not the other way around... In a world that is always on, when does work stop? In one corner is the argument for flexible hours, the darling of the tech set. When executed well, this approach allows staff to work when they work best while navigating life events that don’t naturally fall before 9 a.m. or 6 p.m. However, probe a bit further and many employees admit that flexible hours often mean "always working," with little or no ability to shut off. In the other corner is the 9-to-5 (or 6...or 7...) model, which can

The anti-'Shark Tank' Innovating Now lab is rigorous but also supportive and collaborative.

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From BizWomen : When Heatherjean MacNeil launched her fashion startup, Proxy Apparel, several years ago, she applied to a prominent accelerator program. Two years in a row, she was accepted as a finalist. And two years in a row, she found herself pitching her business to the same room of older white men. The men had money to give, which was good. But there were misunderstandings about market opportunity, the vision behind the potential consumer demand and avenues for growth. “I think that [more broadly] represents the fact that, particularly in investment circles, there’s such a strong absence of women, so you feel as if you’re the other,” MacNeil told me recently. “And I think it’s harder to understand how to build relationship capital in that context.” Now, she’s part of a team of women working to create an alternate experience for other female entrepreneurs. MacNeil co-founded with Susan Duffy and Sharon Kan the Babson College Women Innovating Now Lab— or WIN Lab — an eigh