Reassessing Your Small Business Assets

  • By creekmoremarketing
  • 30 Jul, 2015

Here in Kentucky, our economy is certainly based around small business entrepreneurs. According to the latest SBA.gov statistics for our state,   nearly 97 percent of our employers are small businesses   (20 employees or less), employing about 48 percent of people in private sector jobs.

But small businesses are also facing more complex external issues, per a press release from the National Federation of Independent Business. There’s a growing business concern about increased tax complexity, renewed regulations, rising insurance costs, energy costs and overall uncertainty about the US economy. How small business owners grapple with these issues will likely be the story for the remainder of the year and into 2014

Assessing a Business

If your small business is mired in a distinct lack of sales and growth, you may need to reassess the value for your business assets. Maybe your business needs upgraded industrial equipment and it’s time to assess your existing capital requirements? Or, when was the last time you looked at your company’s various insurances? Knowing the right kinds of insurance your business needs for property, autos and trucks, liability coverage, income protection and other items can be a great step in assessing your overall operation.

Business Insurances

Small business owners should analyze every facet of operation and determine insurance needs and amounts. It’s wise to bring in outsiders to conduct a risk analysis of your business. Most outside insurance consultants offer a cost-free analysis, so feel free to get a few estimates. Most growing small businesses will likely need to look at the following areas, so use this checklist as an insurance appraisal guide.

Coverages for:

Business owner(s):   This type of coverage can offer protection to a business owner or owners from fire, water damage or other accidents occurred while on business owners’ property. Having this coverage also gives business owners some facet of liability protection.

Business property:   This is additional coverage for physical property owned by a business owner. This type of insurance usually covers the structure that houses the business, plus coverage for inside equipment, inventory and other physical assets.

Auto property:   If your sales team uses a fleet of business owned cars and trucks, your automobiles will definitely need collision or liability coverage for your team. Companies such as   State Farm car insurance   can provide accurate quotes for your vehicle fleet.

Overall liability:   Coverage for overall liability is essential to small business owners. This coverage can protect your business from scenarios like customers having accidents in your retail environment to an equipment failure that damages a customer’s process.

Product liability:   If your small business sells products that can potentially cause harm or injury to a customer, this is the insurance coverage to have. Instances of application may occur with food products’ makers, small companies producing semi-dangerous goods and other equipment makers.

Malpractice insurance:   If your small business provides a health-related service, you need to be protected from future liability. An example here is of doctors and other practicing physicians, who are required to have this type of coverage.

Income insurance:   This coverage ensures that your small business will gain income in the event that your small business is somehow damaged (from weather, accident or crime), and temporarily halts or closes your operation.

Also, check The Small Business Administration for a fresh look at tax information for small business – perhaps there’s an area that your company can take advantage of with tax credits.

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By Robbi Meisel 20 Feb, 2017
MURRAY, Ky., (Feb. 2017) — Chris Wooldridge, Kentucky Small Business Development Center district director for the Murray State University SBDC and Arthur J. Bauernfeind College of Business, has joined the board of directors of the Foundation for Kentucky Industry.

FKI is a statewide, not-for-profit, with the goal of strengthening manufacturing in Kentucky, a very important economic driver in the commonwealth. FKI’s Board of Directors is comprised of manufacturing, education, economic development and public policy leaders.
Project and program partners currently include LIFT (Lightweight Innovations For Tomorrow), JPMorgan Chase, KY FAME (Federation of Advanced Manufacturing Education), business and public partners.

“We are pleased to announce Chris Wooldridge, District Director of the Kentucky Small Business Development Center at the Murray State University Bauernfeind College of Business, will be joining the Board of Directors of the Foundation for Kentucky Industry. Mr. Wooldridge’s experience and expertise regarding business and economic development will be a great asset to the Foundation’s work of maximizing career opportunities for both Kentuckians and industry in 21st century manufacturing,” according to Mary C. Breeding, President and CEO, Foundation for Kentucky Industry (FKI).

About Murray State University SBDC: Murray State University hosts the West Kentucky Region of the Kentucky Small Business Development Center program.  KSBDC is a network of 12 offices located throughout the state that helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. The KSBDC is a partner program with the U.S. Small Business Administration.
For more information on KSBDC services, visit their website, http://www.ksbdc.org/ .
By Robbi Meisel 06 Jan, 2017

LEXINGTON, Ky., (Jan. 5, 2017) – The Kentucky Small Business Development Center significantly contributed to the state and federal economy during the 2014-15 fiscal year, according to an independent study conducted by James J. Chrisman, professor of management, Mississippi State University. The study was completed in June 2016 and shows that small businesses working with the center increased sales and employment figures at a greater percentage than an average business in Kentucky. KSBDC clients increased sales by 14.4 percent versus 3.8 percent, and increased employment levels by 15.1 percent compared to 1.5 percent.

Other findings from the Chrisman study:

  • KSBDC clients created 1,156 new jobs.
  • For every dollar invested in the program, $2.63 returned to the economy.
  • For every dollar invested in KSBDC counseling services, $9.47 returned to the economy.
  • KSBDC clients obtained $58.9 million in financing.
  • KSBDC clients increased incremental sales in Kentucky by $108.4 million.
  • KSBDC clients generated $8.55 million dollars in state and federal tax revenue.
  • Clients gave KSBDC staff a 4.7 on a 5-point scale for knowledge and expertise.
  • Clients recommended KSBDC services 98 percent of the time.

“KSBDC staff work very hard to serve Kentucky small businesses. We are very proud of the results of this independent, third-party research and are very pleased with the impact produced by our network,” said Becky Naugle, state director.

The Kentucky Small Business Development Center, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 13 offices located throughout the state. The center helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. KSBDC is a partner program with the U.S. Small Business Administration. For more information on KSBDC services, visit their website, http://www.ksbdc.org/ .

 

Writer: Roberta Meisel , 859-257-7668

 

UK College of Agriculture, Food and Environment, through its land-grant mission, reaches across the commonwealth with teaching, research and extension to enhance the lives of Kentuckians.

 

By Robbi Meisel 18 Oct, 2016

LEXINGTON, Ky., (Oct. 18, 2016) –The Office of Veterans Business Development recognized Patricia Krausman, director of the Elizabethtown Small Business Development Center, as one of the six most outstanding instructors for the 2016 Boots 2 Business program.

Boots to Business is an entrepreneurial education and training program offered by the U.S. Small Business Administration. It is a training track within the U.S. Department of Defense’s Transition Assistance Program. The curriculum provides valuable assistance for transitioning service members who are exploring business ownership or other self-employment opportunities. The program leads them through the key steps for evaluating business concepts and providing the foundation required to develop a business plan. In addition, participants are introduced to Small Business Administration partners and resources.

The recognition was based on the instructors’ contributions and dedication to the program and to service members, veterans and spouses in their business ownership endeavors. Nominations for this achievement came from Small Business Administration offices across the country.

Krausman has provided business management consulting and training for more than 20 years. In 2009, she developed and served as the director of the Kentucky Small Business Development Center’s Veterans Assistance Program, the resource for veteran business support and advocacy. Additionally, she was chosen as A Veteran’s Small Business Advocate of the Year in 2013 by the Kentucky Small Business Administration. She takes an active role in her work and advocacy, serving as a member of the Kentucky Commission on Small Business Advocacy, the Lincoln Trail Workforce Development Board and the Governor’s Veterans Interagency Task Force. She was awarded the prestigious Kentucky Association for Economic Development Allied Professional of the Year in 2014.

“The Kentucky Small Business Development Center has a long-standing commitment to veterans and veteran-owned businesses. Boots 2 Business is a program specifically designed by the Small Business Administration and its resource partners to ensure that veterans have expert guidance and direction in their path to entrepreneurship,” Krausman said. “It’s an honor to be included in the recognition of outstanding instructors for the national SBA Boots 2 Business program. Veterans are exceptional entrepreneurs, and it is rewarding to have the opportunity to support them in their successful transition to small-business ownership.”

The Kentucky Small Business Development Center, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 13 offices located throughout the state. The center helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. KSBDC is a partner program with the U.S. Small Business Administration. For more information on KSBDC services, visit their website, http://www.ksbdc.org/ .

 

Photo provided by the Kentucky Small Business Development Center –Patricia Krausman. ©KSBDC

 

Writer: Roberta Meisel , 859-257-7668

UK College of Agriculture, Food and Environment, through its land-grant mission, reaches across the commonwealth with teaching, research and extension to enhance the lives of Kentuckians.

 

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