New York SBDC Research Network

By Dominic J Bartolone From the Coleman Report Each day, over 10,000 Baby Boomers turn 65, with a majority of America’s small businesses being owned by this generation, many are choosing to close the company rather than sell it when they retire. Some of these businesses provide core services to underserved and economically vulnerable areas, and their closure could significantly impact the lives of not only the workers but also the community as a whole. One strategy to save these community businesses is to convert ownership to their employees. The approach of cooperative conversions builds equity for employees, helps save jobs, and encourages employees to invest in their future by excelling at their jobs. Cooperative conversions can help address both these issues by providing an outlet for aging owners to sell their companies while offering a retention strategy that helps anchor much-needed services to local communities.

By Melody Wilding From Medium.com The power games started subtly. Emily’s co-worker frequently withheld key information about their shared clients and projects. When confronted, her colleague asserted that he’d sent her the reports. But each time Emily double (and triple) checked her inbox, she came up empty. Emily found herself constantly apologizing to upper management. She feared being perceived as disorganized. She felt as if she was going crazy. "You need to get it together," her colleague would say, followed by, “And get your emotions under control. You're making us all look bad.” When Emily pushed back, her colleague told her to stop being so sensitive. The denials, lies, and passive-aggressive manipulation mounted. Soon, Emily lost all confidence in herself. Emily was experiencing gaslighting, a form of psychological abuse that causes a person to question their self-worth and sanity. The term comes from the 1930s play Gas Light. In it, a husband tries to st

By Krista Garcia From eMarketer According to a new study by Snowflake Computing and Harvard Business Review, companies that make data-driven decisions have the best chance for longevity. Yet across industries, they found that only 5% of retail and CPG enterprises qualify as data-driven, half of the survey average (10%). This stands in opposition to stated goals. The retail industry had the highest number (89%) that placed great importance on getting better insights into customer needs and expectations. Faster decision-making was also a priority (79%) as well as improving process and cost efficiency (68%). What is holding retailers back? The biggest challenge cited was human in nature; 44% said they lacked the digital and data analytic skills to transform. More than one-third cited internal resistance to change while 29% blamed legacy processes.

By Kate Ashford from Monster It’s the start of a new year—time to evaluate how you’re doing and set goals for the future. For many companies, it’s also performance review time. If the thought makes you want to hide in your coat closet, there’s good news: Evaluations don’t have to be painful. You can structure the review process a variety of ways, but the key to making everything easier is to treat it like a rolling conversation. "Companies are moving away from an annual performance review, [going] to regular check-ins and ongoing feedback conversations throughout the year," says Todd Cherches, CEO and co-founder of executive coaching firm BigBlueGumball. Above all, employees need to understand what you want from them. "Throughout the time that I’m working for you, I need to be totally aware of two things: the expectations and whether I’m meeting them," says Laura MacLeod, an HR expert and consultant with From The Inside Out Project, an employee-morale company

Written by Marguerita Cheng  Article from CNBC While people start out with good intentions and set their sights on meeting various financial goals, many never achieve them and instead fail miserably.  Here are nine bad habits that will hinder investors from reaching their financial success.  Everyone wants to be successful, but only a few are ready to take meaningful action. These habits will help you discover what has been preventing you from achieving your financial goals. Identify your limitations and formulate strategies to address them and it will be easier to establish a plan, practice self-discipline, make sound decisions, have security and maintain assertiveness.

From the Internal Revenue Service Section 199A of the Internal Revenue Code provides many taxpayers a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity. The deduction has two components. Eligible taxpayers may be entitled to a deduction of up to 20 percent of qualified business income (QBI) from a domestic business operated as a sole proprietorship or through a partnership, S corporation, trust or estate. For taxpayers with taxable income that exceeds $315,000 for a married couple filing a joint return, or $157,500 for all other taxpayers, the deduction is subject to limitations such as the type of trade or business, the taxpayer’s taxable income, the amount of W-2 wages paid by the qualified trade or business and the unadjusted basis immediately after acquisition (UBIA) of qualified property held by the trade or business. Income earned through a C corporation or by providing services as an employee is no

By Max Gulker From the American Institute for Economic Research Who doesn’t love small businesses? They embody two classic American archetypes: the little guy and the hard worker. People treat them less as individual businesses, and more as barometer of what they find good and fair in our market-driven economy. There are few more effective ways to drum up public support for or opposition to a policy than arguing that it’s good or bad for small business. Lost in this narrative are the businesses themselves — a diverse array of individual actors rather than a monolithic symbol of economic virtue. Asking whether something is good or bad for small business limits our understanding of how firms and markets evolve. Nothing better embodies the array of ways revolutionary technological change reverberates through the business landscape than the impact of internet retail giant Amazon on small businesses. Thinking carefully about that impact requires us to unpack the many kinds of firms we

Provided by Rae Steinbach A strong product launch requires a strong marketing campaign. From ensuring you’re using a verified email list to developing dynamic imagery for your new product, you need to ensure you’ll be putting your best foot forward when your product launches. If you’re trying to generate buzz for a new product, you need to determine what type of content to focus on in your strategy. Your two main options are evergreen content and one-off content. Neither one is “better” than the other for a product launch. To determine which is best for your needs, you need to first understand the unique benefits each type of content offers. One-Off Content Builds Buzz One-off content associates your new product with the season, a timely event, or anything else that’s immediately relevant to a potential customer. For example, if you were promoting a new app for purchasing concert tickets, your content might focus on an upcoming festival that would likely appeal to your custom

Written by Krista Garcia Article from eMarketer In June 2018, the Supreme Court ruled that states could impose a sales tax on ecommerce goods, even if a retailer had no physical presence in a state. The South Dakota v. Wayfair case reversed an online retail practice that had been accepted as law since 1992.  Over the past few months, more than half of states in the US have enacted an online sales tax or will do so in 2019.  Local governments viewed online sales tax as a boon, brick-and-mortar retailers considered it leveling the playing field, while online retailers—many which already paid sales tax—predicted it would be detrimental.

Written by FranchiseKing, Joel Libava  Article from SBA I If you’re considering becoming the owner of a franchise business, it’s important to make sure you’re looking into franchises that are the right fit.  But finding the right franchise opportunity for you is only part of the picture.  Finding a Fit:  Finding, researching, and potentially purchasing a franchise is a step-by-step process. One of those steps is conducting a self-assessment. This involves compiling a list of what you consider to be your top professional strengths and skills.  Once you’ve done that, set it aside. You’ll want to refer back to it as you find franchise opportunities that interest you. The goal is to determine if your top skills and strengths can be used in an ownership role.  Immediate Fit vs. Long-Term Fit:  When it comes to finding the right fit, you need to look at short-term and long-term fit. Short-term fit involves matching your strengths and skills to a specific franchise o

Written by Ayaz Nanji From MarketingProfs Bloggers are writing longer posts and spending more time crafting pieces than in years past, according to recent research from Orbit Media. Some 46% of bloggers say the blog posts they write are typically between 500 and 1,000 words long. The proportion of bloggers who typically write posts under 500 words has steadily declined since 2014, while the proportion of bloggers who typically write posts longer than 1,000 words has steadily increased.

By Rahul Chadha From eMarketer Mobile payments have been thought to be on the cusp of widespread adoption for several years now. But most US consumers have responded to the technology with a noncommittal shrug. Proximity mobile payments—those used at the point of sale—haven’t quite taken off the way that payment platforms hoped they would. On paper, the idea of a consumer whipping out a smartphone, tapping it against a payment terminal and going on their merry way seems like a no-brainer. The reality has been a bit different. There are a handful of solid reasons for the case against dramatic proximity mobile payment growth. But one key way that consumers can become familiar with contactless payments is via public transit. Several major metropolitan areas in the US—including New York City, Chicago and Philadelphia—have either announced plans to install contactless payments at mass transit stations, or have already rolled them out.

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Written by Kendall Little for Bankrate We’ve all been there: You go out to dinner with a set budget, having already decided what to order and set aside the perfect amount for a tip. Then, your bill comes at the end of the night and you’ve somehow spent way beyond your limit. Don’t be too hard on yourself. There’s science behind persuading you to spend more. You can scope out the city’s best happy hour deal, take advantage of online coupons and even save on your first round of drinks at home, but restaurateurs and menu engineers have nearly perfected the psychology of making you spend money during a night out. Here are some common tactics restaurants use to get patrons to fork over more cash.

By Samuel S. Finnerty From Piliero Mazza On December 4, 2018, the U.S. Small Business Administration (“SBA”) issued a proposed rule (“Rule”) to implement several provisions of the National Defense Authorization Acts (“NDAA”) of 2016 and 2017 and the Recovery Improvements for Small Entities After Disaster Act of 2015 (“RISE Act”), as well as other clarifying amendments. The Rule will likely garner a lot of attention in the coming weeks, as it proposes a number of sweeping amendments that could have a significant impact on small business government contracting. Indeed, the proposed revisions address key small business issues such as subcontracting plans, the non-manufacturer rule (“NMR”), Information Technology Value Added Reseller (“ITVAR”) procurements, limitations on subcontracting (“LOS”), recertification, size determinations, and the ostensible subcontractor rule. Below, we summarize some of the more notable amendments that will impact small business procurement. Consistent

Written by Jamie Lowary  Article from Outpost You’re a founder or co-founder of a startup. You don’t just wear many hats, you wear them all—you’re customer support, IT, marketing, sales, sometimes even the building maintenance guy or gal when the fridge starts smelling funky.  Not only are you pulled in eight different directions, you entered into a competitive market and you’re challenged with finding a way to stand out among the noise. You have limited resources whether it be time, employees, or budget and are feeling unproductive by switching gears all day long.  Providing great customer service and a positive overall customer experience is one competitive advantage that could separate you from the masses. And, guess what? You don’t need a massive budget or unlimited resources to accomplish it.

Written by Marco Carbajo  Article from SBA A website is an essential element for running a successful business. A business without a website can potentially lose out on great opportunities since potential customers can’t reach you, find you and learn about you online. Creating a small business website can lead to many different ways to market your business and help it grow much faster than relying on traditional marketing methods alone. If you’re looking for a way to reach more customers, or people to influence, the internet is where your business needs to be.  With over 78% of adult Americans using the Internet and a remarkable 2.2 billion people online worldwide, it’s no surprise that small businesses with websites experience an average of 39% greater revenue per year than those without websites, according to the Small Business Administration.  Not only does having a small business website establish credibility with consumers; it also is the first face of your company tha

Article from USA.gov Businesses and their staff face a variety of hazards:  Natural hazards like floods, hurricanes, tornadoes, and earthquakes. Health hazards such as widespread and serious illnesses like the flu.  Human-caused hazards including accidents and acts of violence.  Technology-related hazards like power outages and equipment failure.  There is much that a business leader can do to prepare his or her organization for the most likely hazards.  The Ready Business program helps business leaders make a preparedness plan to get ready for these hazards. The Ready Business Toolkit series includes hazard-specific versions for earthquake, hurricane, inland flooding, power outage, and severe wind/tornado. Toolkits offer business leaders a step-by-step guide to build preparedness within an organization. Each toolkit contains the following sections:  Identify Your Risk  Develop A Plan  Take Action  Be Recognized and Inspire Others

Written by Jill Worth  Article from The Rodon Group When looking for a manufacturer that will provide you with quality, savings, and a quick turnaround, it’s essential to consider the location of your facility. While many companies are moving overseas in search of cheaper production and labor costs, it often pays to keep your company based right here in the United States.  In fact, there are numerous benefits to choosing a manufacturer based in the United States over those found abroad––, especially in the long run. Below, we discuss seven of the main advantages.  Choosing U.S.-based manufacturing means creating jobs here at home for Americans. Many customers value companies that are rooted in their communities and employ their neighbors and friends, and therefore will choose those products over your competitors for that very reason.  By keeping your manufacturing in the United States, you can be sure that you’re supporting the local and national economy and helping Ameri

Written by Bob Coleman  Article from Coleman Report SBA has compiled a very good chart summarizing all of its loan programs with updated fees as of October 1. You may download it here.