Content about Small business

LONG BEACH, Calif. — Brian Wallace, president/CEO of the Coin Laundry Association, was given a daunting task: to capture the audience’s attention during the final hour of a regional dry cleaning and laundry trade show in sunny Southern California.

But his task was no more challenging than one faced by every dry cleaner: to successfully market his or her store(s) in an environment where potential customers have access to information almost instantaneously and from a variety of sources.

On top of all the other “hats” that a dry cleaner “wears”—customer service, maintenance, production, human resources, accounting—he or she can add one more hat to that mix: director of marketing, Wallace told attendees of Fabricare 2012.

“You work incredibly hard for your business, but the fact of the matter is things have changed. … We’re all trying to reinvent ourselves on the fly, trying to deal with the new marketplace. I think that trying to come to grips with some of the new marketing techniques is really an important part of that overall process.”

WASHINGTON — Cash flow issues continue to plague a significant number of America’s small businesses, according to the results of a new survey by the National Small Business Association (NSBA).

Access to Capital Survey findings show that nearly half (43%) of small-business owners report that they needed funds at one point in the last four years and were unable to find any willing sources.

“Not only have small-business owners been unable to find new credit over the last four years, nearly a third had their existing credit slashed and one in 10 had their loans called in early,” says NSBA President and CEO Todd McCracken.

Among the small-business owners who reported some change to their credit, 60% stated that the reason given was the bank’s internal risk assessment. Fifteen percent said they were given no explanation for changes to their credit.

Only small community banks and credit unions received a majority overall positive rating among small businesses asked to rate various lending institutions.

NEW YORK — For the first time since 2006, growth has surpassed survival as the No. 1 priority for entrepreneurs, according to the American Express OPEN Small Business Monitor, a semiannual survey of business owners now in its 10th year. And more than one-third (35%) plan to hire, last month’s survey says, perhaps further evidence that a recovery is reaching Main Street businesses.

WASHINGTON — A popular initiative that in just three-and-a-half years has provided more than $560 million in loan guarantees to nearly 7,000 veterans to start or expand their small businesses is being renewed for three more years, according to the U.S. Small Business Administration (SBA).

WASHINGTON, D.C. — President Obama outlined a new economic plan last week that includes a proposal to assist business investment, and won critical support for a small-business lending package in the Senate.

A new tax break would allow businesses to write off 100% of the cost of new capital investment, expanding upon stimulus measures that expanded business depreciation rules in 2008 and 2009.

Jolly Belin of France opened the world’s first drycleaning “business” in the 1840s. He accidentally spilled some kerosene on his stained clothing and saw the spots vanish. The rest is history, as they say.

Today, there are more than 30,000 drycleaning establishments in the United States. About 85% of are small, Mom-and-Pop establishments employing approximately five people and generating about $200,000 in annual sales.

MCLEAN, Va. — Capital One Small Business Banking released the results of its first-quarter 2010 Small Business Barometer, a quarterly survey of small businesses’ current financial condition and business projections for the next six months. Almost 80% of those surveyed believe that economic conditions are either improving or holding steady. In addition, 39% report that their company’s financial situation is better than it was last year — up 11% from last quarter — while 38% say their finances remained stable.

WASHINGTON, D.C. — The National Federation of Independent Business (NFIB) reports that its Index of Small Business Optimism lost 1.2 points in March, falling to 86.8.

“The March reading is very low and headed in the wrong direction," says Bill Dunkelberg, NFIB's chief economist. "Something isn't sitting well with small-business owners. Poor sales and uncertainty continue to overwhelm any other good news about the economy."

Tax season is here, and what are you going to do about it? “Don’t bug me,” you say, “I’ve got a business to run, orders to get out, employees to motivate, customers to satisfy. My accountant handles everything.”

Okay, but remember, you’ll spend extra money on accounting when you should be watching every expense carefully. More importantly, you’ll miss a great opportunity to build a keen understanding of your business.

WASHINGTON — United States Senate Committee on Small Business and Entrepreneurship chair Mary Landrieu, D-La., and Ranking Member Olympia Snowe, R-Maine, have introduced legislation designed to increase access to capital for small businesses and help create jobs.

S. 2869, the “Small Business Job Creation and Access to Capital Act of 2009,” would increase the small-business loan limit to as high as $5.5 million and extend for a year the elimination of fees and increased guarantees set to expire under the Recovery Act.

WASHINGTON — The Treasury Department and the Small Business Administration (SBA) are collaborating on a new initiative designed to make it easier for community banks to obtain capital and raise the funding limit for SBA loans.

Under the plan unveiled last week, banks with assets of less than $1 billion will be able to borrow capital from the government at a 3% dividend rate. To qualify, banks will need to submit a small-business lending plan showing how the money will expand their small-business lending.