Small Business is our Business

Archive for March, 2016

SO WHAT’S YOUR EXIT STRATEGY?

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?

*Sell

*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.

 

 

 

 

 

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NEW START-UP NY TAX-FREE ZONE

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

*Republic Airport

 

 

CROWDFUNDING ON THE RISE

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.

EMPLOYERS USE SOCIAL MEDIA TO RESEARCH APPLICANTS

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.

Time Management for the Small Business Owner

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.

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