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Created on November 29, 2012 |
As we reflect on the Thanksgiving Holiday, there is much to be grateful for – today and every day. In celebrating the simple joys of life, we also recognize the hard work and unique opportunities on the horizon. Minority-owned firms represent a community that is composed of 5.8 million businesses that contribute over $1 trillion to the U.S. economy, and directly and indirectly creates 16 million jobs. MBDA is...
The Internet’s global reach has made possible a cost-effective means for marketing products and services overseas. Companies that establish a corporate web site, which publicizes their products and services, provide an electronic mechanism for safe and secure electronic transactions, features order tracking, and lists products’ technical specifications can easily apply electronic commerce to international marketing.
Small- and medium-sized companies can marshal available resources to broaden market presence internationally by adopting some of these e-commerce or electronic business...
Companies seeking foreign audiences with their websites will want to either localize or internationalize their site, or provide a mixture of both processes. Forrester Research notes that "visitors linger twice as long [on international sites] as they do at English-only web sites; business buyers are three times more likely to buy if addressed in their own language; and customer services costs drop when instructions are displayed in the user's language."
Localization consists of adapting one’s website to meet the linguistic, cultural, and commercial requirements of a targeted...
Be Attentive to Employee and Worker Concerns
As part of our blog series on tax literacy, MBDA will highlight the latest tax-related news issued by the IRS for business owners. The material presented in this website is not offered as legal or tax advice. You are urged to seek the advice of your tax advisor, attorney, and/or financial planner for any issue related to tax obligations.
Maintaining good payroll records is critical for both you and your...
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Created on October 3, 2012 |
I attended the 42nd Annual Meeting of the National Association of Investment Companies (NAIC) and came away with extraordinary news and a more optimistic outlook on the growth and expansion of the minority business community. Today, NAIC released a quantitatively focused report that underscores the strong performance of minority and women-owned...
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Created on October 2, 2012 |
Are you a woman who is ready to start or expand a small business? Now’s a good time to take that first step, with help from a U.S. Small Business Administration series of four web chats during October, which is also National Women’s Small Business Month.
Women-owned businesses are one of the fastest growing segments of the small business community. Today, about 30 percent of small businesses are owned by...
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Created on October 1, 2012 |
President Obama created the White House Business Council to hear directly from business owners about what the Administration can do more of – or less of – to help create jobs; and to ensure that businesses are aware of the programs and resources that can help their companies grow. That’s exactly what occurred last week at the...
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Created on September 27, 2012 |
What’s Level 1A? At Level 1, there is a single innovative idea. It improves or expands the existing business and measuring its success is no different from measuring the performance of the existing business. Also, there is no need to hire new kinds of experts or to substantially change job descriptions or core business process. At Level 1A, innovations can be implemented in a short time...
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Created on September 27, 2012 |
Hello from Chicago, where I just wrapped up our most recent stop on ITA’s STOPFakes.gov Road Shows tour. The Road Shows have been a hit across the U.S. After a whirlwind tour to eight cities, my colleagues and I have met with hundreds of U.S. companies, educating them on how to protect and enforce their...
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Created on September 27, 2012 |
STOPfakes.gov was launched to serve as a one-stop shop for U.S. government tools and resources on intellectual property rights (IPR). The federal agencies behind STOPfakes.gov have developed a number of resources to educate and assist businesses, particularly small and medium-sized enterprises (SMEs), as well as consumers, government...
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Created on September 27, 2012 |
Communications before, during and following an emergency is bi-directional. Stakeholders or audiences will ask questions and request information. The business will answer questions and provide information. This flow of information should be managed through a communications hub.
Contact and Information Centers form the “hub” of the crisis communications plan. The centers receive requests for information...
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Created on September 26, 2012 |
Overseas Private Investment Corporation (OPIC) is the U.S. Government’s development finance institution. It mobilizes private capital to help solve critical world challenges and in doing so, advances U.S. foreign policy. Because OPIC works with the U.S. private sector, it helps U.S. businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC...
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Created on September 25, 2012 |
Beginning on September 19 through the 22nd, the Congressional Black Caucus Foundation (CBCF) hosted the 42nd Annual Legislative Conference (ALC) in Washington, D.C. The conference, with the theme of Inspiring Leaders/Building Generations, brought together leaders of industry, policy, education, and the population at-large to discuss issues of importance to the African American...
Planning what to do in case of a disaster is an important part of being prepared. The IRS encourages taxpayers to safeguard their records. Some simple steps can help taxpayers and businesses protect financial and tax records.
Security in Electronic Record-keeping
Many people receive bank statements and documents electronically. This method allows for easy backup to ensure secure record keeping. Files can be copied to a portable electronic storage device, such as a flash drive, or onto a CD or DVD.
In addition, you may scan your paper documents (W-2s,...
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Created on September 24, 2012 |
To take a business deduction for the use of your car, you must determine what percentage of the vehicle was used for business. No deduction is allowed for strictly personal use, such as commuting.
Deductible car expenses can include the cost of: 1) traveling from one workplace to another, 2) making business trips to visit customers or attending business meetings away from your...
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Created on September 20, 2012 |
Over the past two decades, the world has been shifting into an innovation economy. Fortunately, as President Obama has said, “Nobody does innovation better than America.” It’s not just our first-rate colleges and universities, though they certainly are a big part of it. It’s the American workforce. According to the President,“Nobody has a greater diversity of talent and ingenuity. No one’s workers or...
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Created on September 20, 2012 |
Each year, from September 15 to October 15, the United States observes Hispanic Heritage Month. During this time we celebrate the rich histories, contributions, and cultures of those Americans with ancestry traced back to Latin America and Spain. From the trailblazers of politics and justice such as Romualdo Pacheco and Sonia Sotomayor to advances in science and medicine made by Luis Walter Alvarez and Antonia...
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Created on September 18, 2012 |
Why Innovate? How?
All companies, whether small or large, whether new or established, must innovate. In fact, all companies eventually reach a crisis where the options are stark and simple. You can innovate, or you can die.
Many companies, even the largest, stumble when they reach that crossroads. In fact, the average life expectancy of a Fortune 500 company is less than that of a...
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Created on September 18, 2012 |
The U.S. Small Business Administration is seeking comment on two proposed rules published this week in the Federal Register that would revise the small business size definitions for businesses in three North American Industry Classification System (NAICS) Sectors: Agriculture, Forestry, Fishing, and Hunting; Finance and Insurance; and Management of Companies and Enterprises. The proposed revisions reflect changes...
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Created on September 18, 2012 |
SizeUp Allows Business Owners to Research Data and Analytics to Start or Grow a Business
Small business owners and start-ups across the country can now take advantage of a new business tool to help them compete and grow. The free tool, called SizeUp, helps businesses identify new customers and compare their performance against other...
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Created on September 14, 2012 |
When business is disrupted, it can cost money. Lost revenues plus extra expenses means reduced profits. Insurance does not cover all costs and cannot replace customers that defect to the competition. A business continuity plan to continue business is essential. Development of a business continuity plan includes four steps:
Conduct a business impact analysis to identify time-sensitive or
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Created on September 12, 2012 |
Just a couple of years after they launched their new business, Mukund Kavia and Kusum Kavia could see the end coming.
Combustion Associates, Incorporated (CAI), a minority business enterprise, had opened its doors as an engineering consulting firm in Southern California in 1989. Their timing could not have been better. California Air Quality...
How quickly your company is back in business following a disaster will depend on emergency planning done today. The regular occurrence of natural disasters, the occasional utility and technology outages, and the potential for terrorism demonstrate the importance of being prepared for many different types of emergencies. While recognizing that each situation is unique, your business can be better prepared if it plans carefully, puts emergency procedures in place, and practices for the kinds of emergencies it could face.
September 2012 marks the ninth annual National Preparedness...
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Created on September 7, 2012 |
There are dozens of ways to increase profits. You can cut costs, you can negotiate more aggressively, you can raise price. Perhaps, however, you want profits plus something more profound.
Try innovation.
Some companies excel at today’s business. Those companies keep the wheels...
| Created on August 30, 2012 |
Yesterday, MBDA National Deputy Director Alejandra Castillo wrapped-up a two day visit to California to meet first hand with the California High Speed Rail Authority (CHSRA) and prime contractors for the BART Warm Springs and the Transbay Terminal in San Francisco. Meetings included productive conversations with CA High Speed Rail Authority, Kiewit, Tutor Parsons Zachary Group, Skanska Shimmick and Herzog Joint Venture, and the...
| Created on August 29, 2012 |
Representing minority-owned businesses nationwide, Alejandra Castillo, is blazing a path through California’s bay area to ensure that MBDA clients will have a fair shot at the many contracting opportunities surrounding the construction of the California high-speed rail system. Ms. Castillo arrived in San Francisco yesterday to begin a series of meetings with the...
Director Hinson addressed a special business roundtable held in conjunction with the two-day technical meeting of the U.S. - Brazil Joint Action Plan in Brasilia, Brazil. Hinson provided an overview of the Minority Business Development Agency’s (MBDA) long history of helping minority-owned businesses become more competitive through greater access to contracts, capital, and markets.
The discussion included over 50 Afro-Brazilian businesses, public officials, and representatives from trade groups. The purpose of the roundtable was to engage segments of the Brazilian population...
On day three of National Director David Hinson’s five-day U.S. interagency trip to Brazil, he met with a group of prominent Afro-Brazilian entrepreneurs from Bahia, which has one of the largest Afro-Brazilian populations in the country. Dialogue between Hinson and Afro-Brazilian business owners centered on the many challenges they face. In addition to their biggest obstacle—the ability to obtain the capital financing required for their businesses to grow—they discussed a number of industries that offer the most promise for them, citing automobiles, tourism, construction, cosmetics, and...
I am sitting with Luciana Mello, an Afro-Brazilian entrepreneur whose consulting company, Prama Consulting, assists small and medium-sized businesses export from Brazil. One of her main lines of business is language translation services. As businesses continue to move to a global economy, there is a growing need for translation services.
Most of Mello’s clients are Afro-Brazilian companies that export primarily within Latin America. When asked about exporting to the U.S., Luciana said “Most of my clients don't consider...
MBDA National Director Hinson and Shawn Ricks, Senior Advisor to the National Director on Global Affairs began a five-day trip to Brasilia and Sao Paulo, Brazil. This trip will provide an opportunity for MBDA to build relationships with key stakeholder groups essential to reaching its export targets under the National Export Initiative, create greater access to emerging markets for minority business enterprises, and support job creation in the United States.
On Monday, Director Hinson and Senior Advisor Ricks met with International Trade Administration Senior Commercial Officer...
Breakeven analysis is a tool used to determine when a business will be able to cover all its expenses and begin to make a profit. For the startup business, it is extremely important to know your startup costs, which provide you with the information you need to generate enough sales revenue to pay the ongoing expenses related to running your business.
A startup business owner must understand that $5,000 of product sales will not cover $5,000 in monthly overhead expenses. The cost of selling $5,000 in retail goods could easily be $3,000 at the wholesale price, so the $5,000 in sales...
This fiscal year for the first time, the Export-Import Bank of the United States (Ex-Im Bank) has set an all-time single-year record of more than $500 million in export financing for minority-owned and woman-owned businesses in the United States. The Bank’s financing has supported more than 400 transactions and an estimated 7,000 American jobs across the country.
Ex-Im Bank employs a business-development team devoted exclusively to assisting minority-owned and woman-owned businesses. The team provides resources on how to access global markets and use Ex-Im’s export financing to...
Sub-Saharan Africa is a continent of opportunities for U.S. businesses with overall projected growth rates of approximately six percent in 2012 – some of the highest in the world. In looking at the world’s ten fastest growing economies from 2001 – 2010, six were in Africa. This trend accelerates in 2011-2015 with seven of the ten world’s fastest growing economies being in Africa. In the World Bank’s Doing Business 2012: Doing Business in a More Transparent World...
Mrs. Kimberly Marcus has joined the senior leadership team of MBDA as Associate Director for Legislative, Education and Intergovernmental Affairs. In this role, Mrs. Marcus will serve as the principal advisor on legislative and intergovernmental issues. She will also oversee the Agency’s relationships with federal, state and local elected officials and its advocacy and outreach strategies.
“Kimberly Marcus is well-suited for this position in light of her experience in corporate and community relations with a special emphasis on economic development and diversity. Her first-hand...
US-Colombia FTA will increase opportunities for American exporters and create American jobs
This summer, the United States Department of Commerce, in conjunction with the State Department, held a webinar that outlined the US-Colombia Free Trade Agreement (FTA) and explained what this historical agreement would mean to businesses in the United States.
Over 200 businesses registered for this webinar and had the opportunity to have their questions answered directly by the Ambassador to Colombia Michael McKinley, National Deputy Director of the Minority...
An online application that allows businesses to compare themselves to their competitors, locate their competition, customers, and suppliers, and find the best places to advertise and their developer team of four won the Commerce Department’s first prize and $5,000 in the nationwide Commerce Business Apps Challenge sponsored by the U.S. Department of Commerce. The winning apps use at least one Department of Commerce data set that assists businesses and/or improves the service delivery of...
The U.S. Small Business Administration is seeking comment on three proposed rules published today in The Federal Register that would revise the size definitions for small businesses in the Utilities; Construction; and Arts, Entertainment and Recreation sectors. The proposed revisions reflect changes in marketplace conditions.
The proposed rule for the Utilities sector will revise the size standard for nine industries. The rule proposes changing six of the industries dealing with electric power generation, distribution and transmission from revenue-based size standards to an...
“Myths” and “urban legends” persist in the public’s perception despite their obvious misinformation. This is true in the small business arena as well as in other facets of life.
These myths have a negative impact on small business success because legends can reinforce or encourage bad decisions by aspiring entrepreneurs and small business owners - decisions that can be critical and sometimes fatal to the establishment or growth of the businesses. The myth-list is a long list, but these eight are the most common.
The Minority Business Development Agency (MBDA), a job-creating agency, leads Federal efforts to promote the growth and global competitiveness of America’s minority business community. This summary includes a small portion of our overall accomplishments during the first three years of the Obama Administration.
At the onset of the Obama Administration, the United States economy was losing 750,000 jobs per month and had endured eight straight months of declining employment. Despite this challenging economic...
For minority business owners interested in exporting their goods and services and eager to make contacts with markets overseas, but unable to travel, reverse trade missions provide unique opportunities to foster business relationships and build long-lasting partnerships between U.S. businesses and our overseas partners.
In June, MBDA participated in a reverse trade mission with Zambian leaders from government and the private sector, headed by the Honorable Robert K. Sichinga, M.P. Minister of Commerce, Trade and Industry. The delegation visited six cities, including Boston,...
When Muhammad Ali, the legendary world heavyweight boxing champion, was asked by reporters why he kept boasting about being the greatest in the ring, he used to say, “It isn’t bragging if you can back it up.”
The MBDA FY2011 Annual Performance Report (APR) backs up what we’ve been saying about MBDA’s achievements under President Obama. In 2011, we registered the best performance in our 43-year history. It was our third record-breaking year in a row.
The recently released APR presents detailed information about the contracts and capital...
With an economy that’s struggling, every small business owner is looking for ways to increase profits, save money and improve efficiency.
The good news is there are plenty of ideas that you can find in books and articles. But rather than cover the obvious ones, in today’s tough economy you need new and creative ways to save.
Consider the following ten cost-saving ideas for your small business:
Go paperless
You can lower storage costs, printing costs and improve overall efficiency by running a paperless office. By scanning
Summer’s here and for most communities, that means the season of outdoor fairs, festivals and other events is underway. For a small business, community events like these can be a great opportunity to market your products and services to local residents and other event-goers. Here are some steps to get you started.
Research what events exist in your community and nearby communities. Your options might range from local “fun runs,” chili cook-offs or classic car shows to surfing contests or music festivals that bring in attendees from all over the country. If you’...
While growth in the travel and tourism business is still in recovery mode, the early warm temperatures across most of the U.S. coupled with an uptick in positivity over the future of the economy could make 2012 a good year for the U.S. tourist industry and the small businesses that support it.
Commerce Secretary John Bryson and Interior Secretary Ken Salazar announced the Administration’s...
Applying for a business loan and securing its approval can be a lengthy process. The actual approval time varies widely depending on the type of loan, its complexity, and the borrower’s timeliness providing the necessary information. We can help you gather the right paperwork, whether you’re applying for an SBA loan or a regular business loan.
But knowing exactly what you’re signing up for is just as important as rounding up the details and completing the paperwork accurately. If you’ve ever purchased a car and found yourself surprised when extra line items turn up on your monthly...
Yes, it’s true that turbulent times can bring a fresh start. We’re inspired by Fortune 500 companies that started with next to nothing. Whole Foods, launched by a college drop-out with money saved and borrowed from friends, posted $6.2 billion in revenues in 2008. Michael Dell ran Dell from his dorm room, until he decided to drop out of college to run his company full time. Apple was started by two friends in a garage. Nordstrom’s, Starbucks, Ebay, and yes, Facebook are all astounding success stories of companies started by someone with a dream and very little else.
Perhaps...
State and local economic-development agencies – and numerous nonprofit organizations – provide low-interest loans to small business owners who may not qualify for traditional commercial loans.
When it comes to applying for these loans, the good news is that most of these other lenders require the same kinds of information. Of course, each loan program has specific forms you need to fill out. But for the most part, you’ll need to submit the same types of documentation. So it’s a good idea to gather what you’ll need before you even start the application process.
Here are the...
Before you seek financial assistance, you should thoroughly assess your current financial situation. Ask yourself the following questions to determine your business' financing needs:
If you are having trouble paying your obligations on time, you may need an infusion of working capital.
Do you need money to start or expand your business or as a cushion against risk?
Whenever possible, it's better to...