By: Don McDaniel VP - Discovery Bay Group L.L.C.
No doubt that last couple of years have been a big economic challenge for all businesses. The one thing for sure to remember about the economic downturn is that you, as a small business owner, will get no bailouts if you get into trouble. Although the economy is a little better we still have some challenging times ahead in the future. My guess is that we will be digging out for the next couple of years minimum. So What should we do to protect our portion of the marketplace. Here are some basic ideas that I know you already are acquainted with but maybe need to reconsider:
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Today’s tip is brought to you by Business Week. We also encourage you to visit Tom’s site for more information.
Opinions vary about efforts to make it easier to get an SBA-backed loan, but certain entrepreneurs should still apply, says Tom Taulli.
The Business Mole
Article By: Tom Taulli
Small Biz
http://www.bizequity.com/
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Posted by Kelly Spors
Small-business groups had rallied for an economic-stimulus plan packed with generous new tax breaks and other relief measures making it easier for businesses to grow and hire employees in this tough economy. Well, they aren’t too pleased with the outcome.
“There’s not a lot in the stimulus plan that will put cash in the hands of people who will deliver it to the front door in the form of sales,” William Dunkelberg, chief economist with the National Federation of Independent Business, told the AP. Rather, he and others said the compromise plan finalized yesterday seems to focus on padding consumers’ pockets, with the assumption that the money will eventually trickle down to businesses.
NFIB and other small-business advocacy groups had pushed for measures such as a six-month payroll tax holiday, doubling the tax deduction for start-up companies to $10,000 from the current $5,000, and exempting an entrepreneur’s first $30,000 in net earnings from tax. While it’s still unclear what will be in the final compromise, it seems the business-focused measures were limited to ones that many business owners felt were less-than-adequate, including extending loss carrybacks to five years (now limited to just small businesses) and and continuing an expansion of Section 179 deductions to $250,000 on purchases of equipment such as computers, furniture, machinery and vehicles.
What’s more, some groups fear the compromise stacks extra, new burdens onto entrepreneurs that will make life harder than before. The Small Business and Entrepreneurship Council yesterday sent out a last-minute plea to strip the bill of the “Buy American” provision that will force the government to purchase all material goods used for public-works projects – claiming the international backlash created by such a measure will hurt small exporters. That provision was softened in the final compromise to say that the U.S. must comply with World Trade Organization rules, but critics still think it will have negative repercussions. The group also asked Congress to remove new rules that would force businesses to extend health insurance to laid-off workers with 10 years of service, and to get rid of verification and wage rules it says will make it difficult for small businesses to vie for government contracts.
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Filed Under (Financial, taxes) by admin on 04-02-2009
By: Tiare Rath
Tax season is not a time any taxpayer particularly relishes, and small-business owners are no exception. However, entrepreneurs who play their cards right can ensure tax time is a little less burdensome.
Here are seven ways to reduce your small-business tax burden:
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Filed Under (Education, Financial) by admin on 05-01-2009
Here is a tip on getting start-up funding for your new business at About.com.
By Rosemary Peavler, About.com Guide to Business Finance
Saturday January 3, 2009
Even in a recession, angel investors are still interested in funding start-up small businesses, even though they are a bit pickier about which start-ups they fund. It’s always a challenge to get angel investor funding, but in these trying times, you have to have a bullet-proof business plan, a good management team, and financials that will stand up to the glare of the spotlight. Sources of angel investor funding have not dried up in this recession. Companies just have find a good match and take their presentation preparation seriously.
The following is the next article in a series that we will be posting to help you bridge the gap between the current down economy and when things get back on the up swing again.
By: Johnathan Blum
My fellow small-business owners, we may be battered, we may be bruised, we may be scared out of our minds. But at least we are still in the game.
And the good news is, the technological revolution in small-business tools came just at the nick of time with readily available digital tools we can use — right now, this week — to get control of the crazy situation and keep our businesses, well, in business.
Here are three steps you can take today:
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Filed Under (Financial) by admin on 11-12-2008
Well a modified version of the original auto bailout plan has passed the US House of Representatives. Whether you agree with the plan or not I did like the way the House of Representatives got through the debate and into the vote quickly. It is hard to say, as a small business owner, how this will affect me. One thing is sure the top executives at these firms have done a terrible job managing their company’s future. My guess is some type off assisance is needed to give these auto companies a chance to survive. If they fail it will be like an atomic bomb exploded within the industrial sector of this country. That can’t be good for anyone. More unemployment, lower retail sales, more pressure on lending institutions, and a heck of a lot of bad vibrations within the stock market, and yes a trickle down effect to our businesses as well.
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Filed Under (Education, Financial) by admin on 08-12-2008
The following article was in Forbes and although we may have some tough times ahead in 2009 maybe the new administration and incoming congress can help get us out of the financial cellar sometime next year. Until then we all need to tighten our belts and take the ride.
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Filed Under (Financial) by admin on 12-11-2008
The sun will come out after this economic storm, and until then, small businesses - dubbed the backbone of the economy - have access to more offerings to keep them going, the head of the U.S. Small Business Administration said at a Tuesday conference here.
“These are interesting times, they are challenging times, and they are scary times,” said Sandy K. Baruah, acting administrator of the U.S. Small Business Administration, a government agency aimed at helping Americans start, build and grow small businesses. “But our period of slow growth that is ahead of us will be followed by some pretty impressive economic growth.”
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