Small Business is our Business

A recent survey of 250 senior managers in the U.S. and Canada by Robert Half, an international finance and accounting firm, found checking email during meetings got a VERY mixed response from these executives.

*38%  It’s NEVER OK. Email devices should be turned off at the meeting

*35%   It’s OK to read and respond to messages during the meeting BUT only if the message is urgent

*20%   It’s OK to check messages as long as attendees excuse themselves and step outside of the meeting to respond

*6%  It’s perfectly acceptable to read and respond to email, especially at a time when what is being said doesn’t pertain to them

1%    Don’t know

Nassau and Suffolk counties ranked among the top ten  (out of 62 New York counties) in personal income in 2013.   This data is compiled annually by the U.S. Bureau of Economic Analysis.

#1.  Manhattan          $121,632

#2.  Westchester       $80,363

#3.  Nassau               $72,549

#4. Putnam                $58,955

#5. Suffolk                  $56,940

#6. Rockland              $56,657

#7. Albany                  $53,515

#8. Saratoga              $51,878

#9. Staten Island        $51,328

#10. Dutchess            $49,627

A recent survey from Wallet Hub , a financial website for consumers and small business owners,finds that middle class New Yorkers are among the most taxed in the country. The ten states where the middle class (40-60% income quintile) are most over taxed include—-

#1. Arkansas

#2  New York

#3  Hawaii

#4 Mississippi

#5 Kentucky

#6 Indiana

#7 Illinois

#8 Ohio

#9 Wisconsin

#10 Louisiana

A recent survey conducted by BMO Harris Bank of 601 business owners found these traits most desirable for small business owners to succeed—–

*Thinking outside the box              26%

*Calm under pressure                   14%

*Able to bounce back                     12%

*Obsessed with details                   11%

*Workaholic                                    10%

Showrooming, a behavior where consumers check online prices when in a retail store, is not a threat to stone and mortar retailers as once believed.  Although one-third of shoppers with mobile devices have checked prices and read reviews online, 25% have purchased the item in the store anyway. Who are these showroomers?  The typical showroomer is a young, affluent, urban male who will check reviews using his IPhone and then proceed to purchase the item in the store.  The least affluent  shoppers are the MOST likely to to purchase from an online retailer.

Source:   SeeWhy Conversion survey of 60,000 U.S. consumers

*What types of financing has your business used in the past 12 months to meet your company’s needs?

*Earnings of the business                                  32%

*Credit Cards                                           30%

*Used No Financing                              28%

*Large bank loan                                       19%

*Community bank loan                          19%

*Private loan(family/friends)            17%

*Vendor credit                                            15%

*SBA loan                                                       4%

*Credit Union loan                                      2%

*Crowdfunding                                             1%

Source:   Online survey by the National Small Business Association conducted in August 2014 of 1,252 small business owners.

 

More Americans are starting businesses later in life.  Almost one-quarter  (23.6%) of new businesses were started by entrepreneurs ages 55-64 in 2013, an increase from 14% in 1996.  This is the latest data from the Kauffman Index of Entrepreneurial Activity.  For many of these older Americans, it is a way to strengthen their financial security and a way to stay active and employed.  A survey conducted by the Employee Benefit Research Institute finds  65% of boomer plan to work in retirement.  Reason cited for continuation in the workplace include:  need/want income (62%), stay involved (18%) , and really like what they do (16%).

 

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