New York SBDC Research Network

By Tim Berry From Bplans We divided the discussion into four parts, opened it up, set the tone as brainstorming—no bad ideas, and no taboos—and had good discussions about all four elements: strengths, weaknesses, opportunities, and threats, as they related to our financials and key metrics, the business climate in our industry, and the work we were doing together to grow our business. The goal of a SWOT analysis is to develop actionable insights—you want to catch opportunities and pitfalls sooner. It’s one way to minimize risk when you’re starting and growing your business. It was in one of these sessions that somebody suggested that I should change my focus a bit and deal more with the large picture than the specific code. It was also in a SWOT session that we realized we needed to make our product downloadable on the web (back in 1998, when we were among the first). In another session, we realized, as a group, that our key differentiator was the know-how and how-to built into

By Lisa Furgison From Bplans You’re probably mulling over a business idea. It’s probably something you’ve been thinking about for a while. And you’re probably ready to turn your business idea into a reality. As part of the planning stage, you’ll want to gather information, do research, and make sure that your business idea is viable. During this information-gathering stage, there’s a small list of people you should talk with before you move forward with bigger steps like applying for a bank loan or looking at commercial space. One of the first people you should talk with about this new venture is your spouse. It sounds like a no-brainer, right? But some people get so caught up in their business idea that they don’t have a real sit-down conversation about how the business could impact their relationship, finances, and free time.

By Blake Droesch From eMarketer In this modern age of entertainment, one screen is no longer enough to satisfy most. We forecast 180.8 million US adults will be two-screen viewers in 2019—meaning that 70.1% of the adult population will use a computer or mobile device to browse online while watching either digital video or traditional TV. And even the most compelling film and TV content can’t grab the full attention of nearly half of US adults, according to a March 2019 report from CivicScience. Forty-eight percent of adults in the US engage with a second screen (smartphone, tablet or laptop) while watching their favorite shows and movies on TV, compared with 38% who do not. The remaining 13% either don’t watch TV, don’t own a smartphone, tablet or laptop, or they watch video only on mobile devices.

By David Mantey From ThomasNet Small and midsize manufacturers need to automate if they’re going to compete. That's according to industry insider Bob Doyle who discussed the state of the automation industry in a recent interview leading up to Automate 2019 in Chicago. According to Doyle, that’s one of the biggest myths about automation, that robots take jobs. He says that it not only creates jobs, but it creates higher paying positions. The investment in technology also helps companies become more efficient and subsequently hire more workers to keep up with growth. In February, the Robotic Industries Association (RIA) announced that robots shipped to North American companies increased by seven percent in 2018. What was particularly interesting is that shipments to non-automotive companies are up 41%. Most of the growth came from the food, consumer goods, plastics and rubber, life sciences, and electronics industries.

By Marco Carbajo From the Small Business Administration As a small business owner, it is important to have an understanding of business credit terms. Similar to personal credit, business credit determines whether your company can be trusted by the way it manages money. Like personal credit, business credit is a reflection of how well your company manages money. Why is business credit important? The Nav American Dream Gap Survey, 2015 revealed of small business owners surveyed, 45% did not know they have a business credit score, 72% did not know where to find information on their business credit score and 82% didn’t know how to interpret their score. The good news is that you don’t have to be a financial expert to negotiate the world of business credit. By knowing some key terms and definitions surrounding business credit, you can earn lenders’ trust and make your way to successful funding. Here are the top ten business credit terms you should know: 1. Accounts Receivable

By Jane Smith From Gallup Do your best to make everyone who reports to you, directly or indirectly, feel heard. Specifically ask, "Is there something I could have done better in that situation?" or, "What do you need from me?" Depending on your role, schedule team feedback sessions or company town halls with time dedicated to open Q&A. Hearing the true state of things can be jarring, especially if the culture at your company is for leaders to be cheerleaders for an initiative or change. You need to know how those changes affect people down the line. People want to do what you hired them to do. They also want to know that you depend on their expertise -- that their role is important, and you trust them.

Article by Lucy Koch From erMarketing Marketers and consumers feel differently about the delivery of an excellent customer experience. To reconcile this, marketers should turn their attention to consumers’ top concerns, such as privacy and personalization. In the US, almost half of marketers think they’re delivering an “excellent” customer experience, according to January 2019 research from The Harris Poll. But fewer than a quarter of consumers felt the same. Privacy, the concern emphasized most in the study, received 4.1 fewer points from consumers than from marketers. Additionally, 60% of respondents said they’d be less likely to shop or use services in the future if a company sent their personal information to other companies.