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 .
In 2015 $58.5 billion was invested by venture capitalists —- the second highest total since 1995. More than one-half of this money went to seed companies or those in the early stages of development. The software industry continues to receive the highest level of funding, followed by biotechnology, and media/entertainment. This “MoneyTree” Report by PricewaterhouseCoopers and the National Venture Capital Association is based on data Thomson Reuters.
Every five years the U.S. Census conducts a Survey of Business Owners as part the economic census. This 2012 survey collected data from 1.75 million businesses . Results have finally been released. Some highlights from this survey include—-
*There are 9.9 million women-owned businesses nationally in 2012— up 26.8% from 2007.
*There are 3.3 million Hispanic-owned firms–up 46.3% from 2007.
*There are 1.9 million Asian-owned firms—–up 23.8% from 2007.
*There are 2.5 million veteran-owned firms—- up 3.0% from 2007.
*There are 2.6 million black owned firms—–up 34.5% from 2007.
The overwhelming majority of small business owners think the benefits associated with running their own business surpass the challenges they experience. Why?
*It has improved their financial well being (73%)
*It doesn’t feel like a job (55%)
*It provides financial peace of mind (52%)
*They like “being the boss” (41%)
Source: Bank of the West Survey of 500 small business owners in operation for five years or more.
Twenty-six percent of new business startups are older Americans aged 55-64. The Kaufman Index of Entrepreneurial Activity has seen this percentage continually rise . In fact, these older Americans start new businesses at a higher rate than those in their 20’s and 30’s. This has been the case every year since 1996. Possible explanations for this include—-
*Senior entrepreneurs are less likely to worry about experience, risks or family life
*Despite the economic downturn of late, seniors are more financially secure with a variety of income sources—-retirement savings, pensions, social security.
*With greater work experience, senior entrepreneurs are more confident about their abilities.
Source: Ewing Marion Kaufman Foundation.