Every small business owner needs a business plan and an exit plan. The exit plan is your strategy for transferring ownership of the company you painstakingly build. So what are the possible exit scenarios?
*Be acquired by another company
*Merge with another company
*Go public with your company and acquire shares that can be sold
*Family members take over
*Employees buy the company in a ESOP (employee stock ownership plan)
*Close the business
Whatever you choose to do, exit strategies often dictate short term goals and your company’s priorities. In many ways the business plan and the exit plan go hand-in-hand.
SUNY Old Westbury has received approval for a Start-up NY tax-free zone in Bethpage. As a way to attract businesses to the state, participating tech companies do not pay state and local taxes for 10 years and their employees do not pay state income taxes for 10 years. This sixth location joins the following zones in Nassau-Suffolk—-
*Stony Brook University
*Farmingdale State University
*LIU at Post
*Suffolk Community College
Estimates in 2015 place global crowdfunding at $34 billion, up from $800 million in 2012. Regulations just finalized by the Securities & Exchange Commission will continue to safe guard investors , ease investing requirements and provide greater accountability. For those with the urge to invest in start-ups, checkout these websites—-Crowdfunder, Early Share, Fundable, Wefunder, Equity Net, and RockThePost. As a small investor, you can get in on some of the action. Those with incomes or net worth less than $100,000 can invest $2,000 or 5% of annual income or net worth, whichever is lower.
A recent survey conducted by CareerBuilder found over one-half (52%) of employers use social media to gather information on job applicants. This trend will in all likelihood continue to grow. A real eye-opener is that 48% of hiring personnel have used this online info to NOT hire a prospective employee. Hiring managers in information technology (76%) and financial services(64%) are the most likely to use social media to screen candidates. Other industries include: sales(61%), professional/business services (54%), manufacturing (49%), and health care (49%).
So what turns hiring managers off?
*Provocative or inappropriate photographs
*Candidates use of drugs or drinking
*Bad- mouthing previous employers or co-workers
*Poor communication skills
*Discriminatory comments on race, religion, gender, etc.
Source:2015 CareerBuilder ‘s Survey of Social Media. An online survey of 2,175 hiring managers .
Source: CareerBuilder’s 2015 Social Media Recruitment Survey.
As a small business owner time management is a must. The majority of business owners are working more than 50 hours weekly. The Alternative Board’s latest Business Pulse Survey found that small business owner’s on average spend 68% of their time working “in” their business—–putting out fires, and performing day-to-day tasks, and only 32% of their time working “on” their business—long term goals and marketing . So what is the problem? Distractions. The two main culprits are emails and administrative tasks. To wisely manage your time delegate duties and read emails ONCE and respond immediately.
Your personal finances are just as important as your business finances.
The Half Hollow Hills Community Library subscribes to numerous guides in the Weiss Financial Series. These guides provide accurate and unbiased ratings that examine the financial strength of companies. Is your insurer or bank strong enough to weather a storm? Take a look at these resources in the Business Reference Collection at the Dix Hills Library——
*Weiss Ratings Guide to Health Insurers
*Weiss Ratings Guide to Life & Annuity Insurers
*Weiss Ratings Guide to Banks
*Weiss Ratings Guide to Long-Term Care Insurance
*Weiss Ratings Consumer Guide to Automobile Insurance
*Weiss Ratings Consumer Guide to Term Life Insurance
*Weiss Ratings Consumer Guide to Homeowners Insurance
*Weiss Ratings Consumer Guide to Variable Annuities
Long Island is expected to see 11.2 percent job growth by 2022, according to a forecast from the New York State Department of Labor. This increase varies by job title. Those employment sectors with growth greater than fifteen percent (15%) include—-
*Personal Care service
*Food Preparation and Serving
*Building and Grounds Cleaning
*Life, Physical, and Social Science
*Construction and Extraction
*Community and Social Services
The department surveyed 52,000 businesses statewide from 2011 to 2014 .