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.
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.
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.
LEXINGTON, Ky. – In anticipation of the many business opportunities that could stem from the construction of a new federal prison in Roxana, the Kentucky Small Business Development Center, in partnership with Letcher County Fiscal Court, is sponsoring When Opportunity Knocks, a luncheon and resource fair from 11 a.m. to 1 p.m. EDT June 22 at the Pine Mountain Grill in Whitesburg.
During lunch, local business owners will share how they answered the knock of opportunity and found success. The event is free and seating is limited; preregistration is required. Reservations can be made online at http://tinyurl.com/j9rdjtf .
At the event, organizers will discuss a three-part series of training events. Series topics will include general business and government contracting. The first event will take place 6 p.m. Tuesday, July 12 at the Whitesburg campus of Southeast Kentucky Community and Technical College. Training will also take place at 6 p.m. July 26 and August 9. Prior to each training event, a resource fair will begin at 4 p.m.
For more information, visit http://www.ksbdc.org/moving-forward-letcher-county or email Shawn Rogers at firstname.lastname@example.org .
KSBDC, 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/ .
Other partners include: Kentucky Small Business Development Centers at Pikeville and Ashland, Southeast Small Business Development Center, Small Business Administration, Southeast Kentucky Community and Technical College, Kentucky Procurement Technical Assistance Center, Southeast Kentucky Economic Development, Kentucky Highlands Investment Corporation, Mountain Association for Community Economic Development, Kentucky Innovation Network – Pikeville , Kentucky River Area Development District, Eastern Kentucky Concentrated Employment Program, Federation of Appalachian Housing Enterprises Inc. and Kentucky Finance and Administration Cabinet – Minority and Women Business Enterprise Certification.
LEXINGTON, Ky., (May 3, 2016) - Kentucky’s finest small businesses and the small-business community were celebrated in the Capitol Rotunda in Frankfort during Kentucky Celebrates Small Business, an awards ceremony presented by the Kentucky Small Business Development Center and the Kentucky District Office of the U.S. Small Business Administration May 3.
Gov. Matt Bevin opened the awards ceremony by signing a proclamation recognizing National Small Business Week in the state.
"The vibrant entrepreneurial spirit in the commonwealth is a fundamental force driving Kentucky's economy and creating valuable jobs for our communities," Bevin said. "I understand, from personal experience, the sacrifice it takes for small business owners to survive. Every day they strive anew to secure a better life for their customers, their employees, their families and themselves. I am grateful to these men and women across Kentucky for taking the risk necessary to succeed."
WLEX-18 chief meteorologist Bill Meck served as emcee, along with his wife, Connie, whose small business, Sign Language Network of Kentucky, provided sign language interpretation for the event.
The Kentucky Small Business Development Center presented Kentucky Pacesetter awards to six businesses. Winners were chosen based on how they are changing Kentucky’s economic landscape by introducing innovative products, increasing sales and/or production, boosting employment and serving their communities.
This year’s outstanding Kentucky Pacesetters are D&D Shoe Company, Mayfield; Ingram Brothers, LLC, Morgantown; JSB Industrial Solutions, Inc., Tollesboro; Maynard Studios, Inc., Lawrenceburg; Trunnell’s Farm Market & Family Fun Acre, Utica; Flavorman and Distilled Spirits Epicenter, Louisville.
“We owe so much to the small businesses across the commonwealth that make our economy strong and diverse. It is a pleasure to recognize them and say thank you,” said Becky Naugle, KSBDC state director.
Each year, the U.S. Small Business Administration recognizes outstanding small businesses and entrepreneurs with awards across the country. The Small Business Person of the Year winner from each state will be acknowledged at both regional and national levels.
The 2016 Kentucky Small Business Administration award winners are:
Kentucky Small Business Person of the Year: David Dafoe, founder and CEO of Flavorman and Distilled Spirits Epicenter, Louisville
Kentucky Southeast Region 8(a) Graduate of the Year: Kathy Mills, president and CEO of Strategic Communications, Louisville
Kentucky Financial Services Advocate of the Year: Bill Fensterer, president and CEO of Capital Access Corporation, Louisville
Kentucky Minority-Owned Small Business of the Year: Harsha Wijesiri, president of Integrated Engineering, LLC, Lexington
Kentucky Veteran-Owned Small Business of the Year: Scott Matheny, president of Semper Tek, Lexington
Kentucky Woman-Owned Small Business of the Year: Desiree Sloan Harmon, founder and owner of Club Fit Studio, LLC, Paintsville
“The creative genius that drives our commonwealth forward lives in the minds of our entrepreneurs. This year we are honoring entrepreneurs from the far corners of Kentucky. We are deeply grateful for what they have done to sustain the economic vitality of large and small communities,” said Ralph Ross, district director of the Kentucky office of the U.S. Small Business Administration. “We are also grateful for our local, state and federal partners who work with us to help these entrepreneurs along their way.”
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. More information on KSBDC services can be found on their website, http://www.ksbdc.org/ .
Writer: Roberta Meisel, 859-257-0104
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.