Small Business is our Business

Archive for November, 2015

ADVICE FOR ENTREPRENEURS

A survey commissioned by Bank West of 500 small business owners who have been in business for five years or more offered these insights concerning small business ownership—–

*31% said to separate business finances from personal finances

*27% said to maintain a healthy cash reserve

*22% said manage cash flow

*17% said create  a budget and stick to it

New York A Tough Place To Do Business

Once again New York State ranks at the bottom of the barrel for a VERY unfriendly tax climate for business.     Only New Jersey is worse. Annually the Tax Foundation publishes its survey evaluating the business climate  of the fifty states and  New York always  ranks very low. A quick look where the State stands—–

Corporate Tax                           12th

State Tax                                    42nd

Property Tax                             47th

Personal Income Tax              49th

Overall Tax Burden                 49th

MILLENNIALS AND DEBT ARE NO STRANGERS

Data from the National Financial Capability Study reveals two-thirds of millennials (aged 23-35 in 2012) have at least one source of long term debt—student loans, home mortgages, or  car payments.  Thirty percent (30%) have more than one of these obligations.   Their debt does not stop there.   For millennials short term debt is also a burden. Over fifty percent  (50%) carry a credit card balance while 22% have been hit with late fees and 13% have been charged with over-the-limit fees. In addition bank overdrafts are prevalent  (29%) and almost one in four (22%) of retirement account owners took hardship withdrawals in the last twelve months prior to the survey.    Quite simply this generation owes a lot and could certainly use a bit of financial counseling.

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