Akron Ohio Business News

January 21, 2014 by

business (2)The distractions a person doing business from home are innumerable. Not only that, but the tediousness of waking up every morning to go to your office across the hall can be a bit boring. In my opinion, it is way better than fighting traffic and the cold to go to an office downtown.  But, if you are really anxious to escape the home and all the distractions involved, read the article below for some inspiration and to follow more news affecting Ohio.

Akron General back on the prowl

Akron General Health System remains one of the few independent health systems in Northeast Ohio. That was poised to change when Cleveland Clinic and Community Health Systems, a for-profit health care juggernaut out of Tennessee, announced in August they would acquire the health system through a new joint venture.

That deal has seemingly fallen apart, at least for now, and Akron General is on the hunt for new suitors.

It’s possible Catholic Health Partners, the Cincinnati-based health system that through a subsidiary purchased a minority stake in Summa Health System, could make a play for Akron General. Such a deal would make CHP an immediate, big-time player in Northeast Ohio, especially with its recent acquisition of Kaiser Permanente’s Ohio operations. That said, I’m not sure how Summa — Akron General’s larger and much more solvent — competitor would react to the news.

Akron business offers space to work that’s not the coffee shop

The cats, the laundry and other distractions. Not to mention, “the mundane feeling of being in the same place for so long.”

That’s what drove Torrie Fischer to seek out an alternative to working from home.

She’s among a growing number of folks across the country turning to shared work space.

Fischer, a software engineer, landed at Office Space Coworking, or OSC, in downtown Akron. OSC is housed on the ground floor of the historic Everett Building at Main and Market streets.

“This is out of the house and there’s food [eateries] nearby. It’s got a collaborative atmosphere — it’s starting to,” said Fischer, whose job with an international company allows her to work from anywhere.

The new owner of Office Space Coworking, Nick Petroski, encourages that sharing of ideas and is stressing that his operation offers a lot more than space, free Wi-Fi, parking and coffee.

“With Office Space Coworking, you get access to a community,” Petroski said. “You can get access to the person sitting right next to you. You can get feedback on an idea.”

To build that community, Petroski, 28, has begun sponsoring educational, as well as social events.

Tressel isn’t at Akron to be ‘an ornament’

Former Ohio State football coach has had his influence with Zips expand significantly.

If the last 24 months have proven anything about Jim Tressel, it’s that he’s no ornament.

Two years ago next month, Mr. Tressel joined the University of Akron in what was then a largely undefined administrative role — one that carried the weighty title of vice president for strategic engagement. The controversial hiring came less than a year after the Northeast Ohio native resigned as Ohio State University’s head football coach in the wake of a scandal involving a group of his players and his failure to report violations to the NCAA.

“There might have been some skepticism when I came to work here,” Mr. Tressel said in an interview last Tuesday, Jan. 7, with Crain’s. “People thought, “He’s going to come here and kind of be an ornament and go out to lunch occasionally and ask someone for money.’ I understand why people might have thought that.”

 

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Ohio Increases The Minimun Wage

January 15, 2014 by

business (7)For many people that work for minimum wage, the news that Ohio is increasing the minimum wage to $7.95 per hour is good news. The 10-cent increase is not a terrible burden to small business and definitely can be conceive as a small increase which will eventually help the local economies. For the most recent news affecting Ohio small businesses follow the links below to read the articles in their entirety

Small businesses wary of large minimum-wage increase

On Wednesday, Ohio’s minimum wage will be increased by 10 cents per hour to a rate of $7.95 per hour, impacting an estimated 330,000 workers in the state.

Tipped Ohio workers will see a 5-cent increase in their minimum wage, going up to $3.98 per hour. This increase comes as a result of a 2006 vote requiring annual adjustments to the minimum wage to keep pace with the rising cost of living.

Certain groups, such as Policy Matters Ohio, a nonprofit, nonpartisan policy research institute, applaud the change, maintaining that an increased minimum wage will spur consumer spending and economic growth by as much as $38 million.

“Ohio workers and the Ohio economy will both benefit from this raise for our lowest-paid neighbors,” Amy Hanauer, executive director for Policy Matters Ohio, said in a statement. “The employees who benefit will turn around and spend money in our communities, stimulating growth here.”

Internet cafe law now in effect, takes toll on Ohio businesses

Disconnected phone lines and shells of buildings are all that remain of many Ohio sweepstakes businesses three months after a law effectively banning their existence took effect.

The law, which went into place Oct. 4, limited Internet cafe prizes to items valued at less than $10 and gave law enforcement officials the authority to prosecute businesses as illegal gambling operations if they do not comply. A last-ditch effort to delay the law and place the decision before voters fell about 71,000 signatures short of the 231,000 needed to make the ballot.

The only signs of the former Starz Internet Cafe in Heath, for example, are multicolored carpeting and remnants of window clings advertising Internet cards. Large “for lease” signs are visible from the road.

One challenge to counting how many Internet cafes are still operating in Ohio is that it wasn’t clear how many were doing business in the first place. The best estimates placed the number at 620 before the law took effect. Of those, 339 registered with the Ohio Attorney General’s Office earlier this year.

Skimpy Obamacare plans leave some ‘underinsured‘

For working people making modest wages and struggling with high medical bills from chronic disease, President Barack Obama’s health care plan sounds like long-awaited relief. But the promise could go unfulfilled.

It’s true that patients with cancer and difficult conditions such as multiple sclerosis or Crohn’s disease will be able to get insurance and financial help with monthly premiums.

But their annual out-of-pocket costs could still be so high they’ll have trouble staying out of debt.

You couldn’t call them uninsured any longer. You might say they’re “underinsured.”

These gaps “need to be addressed in order to fulfill the intention of the Affordable Care Act,” said Brian Rosen, a senior vice president of the Leukemia & Lymphoma Society. “There are certainly challenges for cancer patients.”

“Cost may still be an issue for those in need of the most care,” said Steven Weiss, spokesman for the American Cancer Society Cancer Action Network. That “makes it critically important for patients looking at premiums to also consider out-of-pocket costs when choosing a plan.”

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Small Business Financing And Opportunities

January 6, 2014 by

business (5)There are approximately 22 million small businesses in the United States. And there are 543,000 new businesses that get started every single month, but unfortunately, the life expectancy of those 543,000 businesses is not very long. According to The Bureau of Labor Statistics only 44% of those businesses make it past the 4th. year of operations.  And by making it past the 4th. year, these small business owners are under a lot of financial hardship just to keep the business going.

If your new year’s resolution is to start a new business, or have an idea you want to explore, the statistics about starting a new business are not pretty. Failure and financial hardship are ever present for a new business, but being prepared and researching every single aspect of starting a business can be beneficial for you and your new enterprise.

How to Research a Business Opportunity

Protect yourself by learning what a business opportunity really is, how the government regulates them, and the steps you should take to ensure you’ve found the best opportunity available.

Just what is a business opportunity? That question has plagued a great many people trying to decide whether to buy a current independent business, a franchise, or what we’ll refer to in this text as a business opportunity. To allay the confusion, we offer a simple analogy. Think back to elementary school when your teacher was explaining the difference between a rectangle and a square. A square is also a rectangle, but a rectangle isn’t necessarily a square. The same relationship exists between business opportunities, independent businesses for sale and franchises. All franchises and independent businesses for sale are business opportunities, but not all business opportunities meet the requirement of being a franchise nor are they in the strictest sense of the word independent businesses for sale.

Making matters even more confusing is the fact that 26 states have passed laws defining business opportunities and regulating their sales. Often these statutes are drafted so comprehensively that they include franchises as well.

The Basics of Startup Financing

So you’ve come up with an idea for a business? Congratulations! Now you need startup financing – that initial infusion of money needed to turn the idea into something tangible. And that’s where it becomes tricky.
When you are just starting out, you’re not at the point yet where a traditional lender or investor would be interested in you. So that leaves you with selling cherished assets, borrowing against your home, maxing out credit cards, dipping into a 401(k), and asking loved ones for loans. There is a lot of risk involved, including the risk of bankruptcy with your personal finances and soured relationships with friends and family.

This is the hard part behind starting a business — putting so much at risk. But doing so is the rite of passage to both success and failure. It’s what sets entrepreneurs apart from people who collect paychecks.

A major key is to ramp up initial operations as quickly as possible to get to the point where outside investors can see and feel the venture, as well as understand that you took some risk getting it to that point.

Some businesses can also be bootstrapped. They can be built up quickly enough to make money without aid from investors who might otherwise come in and start calling the shots.
With so much at risk, it is important to have a strong business plan in place, and to seek out advice from experienced entrepreneurs and experts — people who might also invest in your business someday.

Learn How An App Helps Small Business Owners Focus On Growth

As owners of the online stationery and gift boutique The Paper Cottage, entrepreneurs Beth Kneebone and Michelle Lease handle everything from operating their website to managing social media and corresponding with customers.

But for small-business owners, details like tracking expenses and filing receipts can be overwhelming — “all those little things [that] used to put small businesses out of business,” as Lease puts it. Watch this video to see how Kneebone and Lease use the App from Ink, a mobile expense-management app, to simplify their lives and grow their business.

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Small Business Owners Challenges For 2014

December 27, 2013 by

business (3)2014 will certainly be a year of many changes for the small business community.  The Affordable Care Act will surely be a component of the uncertainty they feel, and the possible financial increase they expect because of it.  Read more about this and other topics by following the links below.

The Advantages and Challenges of a Remote Workforce

Remote employment options are becoming increasingly popular for businesses and employees alike and the relationship can be mutually beneficial to all parties involved. Businesses have access to a much larger hiring pool, and can generally save on salaries and office space, while the employee saves on commuting and relocation costs as well as more flexibility in their work and personal time.
Automattic, software provider to blogging giant, WordPress, has been utilizing remote workers since 2005. Although the company is based in San Francisco, it employs workers from around the globe from as many as 26 different companies, according to an article published at Businessweek.com.

Staff and employers save with remote work

Automattic benefits by saving money on salaries. Instead of paying their staff based on wages appropriate for San Francisco and Silicon Valley, pay is based on the employee’s physical location. While that doesn’t benefit the employee necessarily, it does allow someone living as far away as Bangladesh a job opportunity without the added expense and inconvenience of relocating to California.

Small Business Majority — 2013 Spells Year of Big Changes, Uncertainty for Americas Small Business Community

With the end of the year fast-approaching, America’s small business community looks back over the past 12 months of enormous changes and gridlock in Washington that has left them closing the books on 2013 with mounting uncertainty. The small business community across the country continues to face these challenges with 2014 on the horizon.

From the implementation of the Affordable Care Act to Congressional dysfunction in Washington resulting in a government shutdown and sequester, 2013 has become a year of big changes and lingering vulnerability for America’s smallest businesses.

Story ideas for what America’s small businesses have faced in 2013:

Implementation of the Affordable Care Act — The U.S. Department of Health and Human Services (HHS) announced the online portion of the federal Small Business Health Options Program (SHOP) marketplace through HealthCare.gov will be delayed longer than previously expected. Instead of the online marketplace, small employers who wish to purchase insurance through the SHOP can still do so by working with a certified broker or directly through an insurer—exactly the same way they purchase insurance now.

Next Obamacare crisis: Small-business costs?

Think the canceled health policies hurt the Obamacare cause? There’s another political time bomb lurking that could explode not too long before next year’s elections: rate hikes for small businesses.

Like the canceled individual health plans, it’s another example of a trade-off that health care experts have long known about, as the new rules for health insurance prices create winners and losers. But most Americans won’t become aware of it until some small-business employees learn that their premiums are going up because of a law called — oops — the Affordable Care Act.

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Small Business News And Information

December 17, 2013 by

business (10)During the holiday season, businesses -big chains and small business- hope they can make the jump from the red to the black numbers, and if not making a big return at least make it even. scams during the year are always there, but during the holiday season, they seem to more prevalent, and find many small business owners unawares of what is going on making the profits a bit harder to come by.

Read more about what is happening in Northeast Ohio by following the links below.

Ohio jumps nine spots as entrepreneur-friendly state

When it comes to fostering entrepreneurs, Ohio is doing it right. The Buckeye State jumped nine spots on the annual Small Business Policy Index, which ranks states by entrepreneurship-friendly policies.

This year, Ohio ranks No. 9, compared to No. 18 in its 2012 ranking.

The annual report takes into account 47 policy measurements, including taxes, regulatory and government spending measures. The report is published by the Small Business & Entrepreneurship Council.

Policy reforms aimed at small-business startup and growth are mostly being implemented at the state level, said Karen Kerrigan, SBE Council president and CEO.

However, federal policy and uncertainty remains a negative for entrepreneurs and small businesses.

“The top states on the Small Business Policy Index 2013 are streamlining government and lifting burdens like excessive taxation and regulation,” Kerrigan said.

FBI issues alert to NE Ohio businesses: Criminals are now using aluminum foil in credit card scam

The Cleveland FBI reports criminals are scamming small businesses in several states, using stolen credit cards. Store clerks aren’t alerted to these bad credit cards until it’s too late, allowing the crooks to steal thousands of dollars in merchandise.

The scam works because some businesses rely on satellite equipment to relay credit card information once a card is swiped inside the store.

Criminals then have the opportunity to climb onto the roofs of these businesses and put aluminum foil over satellite antennas to block credit card communications.

Cleveland FBI Special Agent Vicki Anderson told NewsChannel5 once the satellite equipment is blocked, the crooks will then make their way into the store and are using bad credit cards without necessarily being detected.

“They’ll interrupt the signal and then they’ll go in the store and purchase high-end items, and when that credit card is not authorized, a lot of times the businesses will allow it to go through thinking that they’ll validate it later,” explained Anderson. “When they do that, later they’ll find out it was a bad credit card.”

Small business gets big help

When she found herself without a job at age 54, Mary Magyar decided she wanted to take fate into her own hands.

So she went back to school, enrolling in the Culinary Arts program at EHOVE Career Center.

She knew she didn’t want to work for $10 in someone else’s kitchen. The idea of working for herself took root.

“They didn’t just teach cooking,” she said. “It was management, math and how do you do pricing. I realized, ‘I can do this’”

Magyar also went to Small Business Administration seminars at Terra Community College, where she met Bill Auxter, who would soon become her ally in the new venture.

Magyar came up with “Mary’s Catering to Go,” a business where she cooks the food and clients pick it up. She’s also preparing “The Railroad Depot,” an all-purpose venue where she can cater banquets, corporate functions and private events.

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New Government Contracts Land In Ohio

December 12, 2013 by

business (6)The economy seems to show signs of recovery some analysts suggest but, others are not as optimistic as they are, and yesterday the Dow Jones fell nearly 130 points, along with S&P and Nasdaq which lost more than 1% each.

Certainly the economy shows its ups and downs and the stock market as well, and  although the Akron area has seen the loss of hundreds of jobs, other parts of Ohio are getting government contracts that should help the local economy. Below are two articles concerning the Ohio economy and one about small business news. Follow the links to read more about them.

Ohio company lands VA small business program work

After abruptly ending a three-year contract, the Department of Veterans Affairs awarded two task orders to meet the requirements of its veteran-owned small business program.

Despite the quick contract transition, verification of service-disabled, veteran owned small businesses didn’t miss a beat, the program’s chief told me.

As I reported Nov. 27, the VA allowed a contract with Alexandria-based Ardelle Associates to end Dec. 2 without an alternative in place for processing and verifying contractor applications, which in turn would allow them to be able to compete for work set aside by the VA.

The agency kicked off a competition during the Thanksgiving holiday and has apparently decided on this approach: split the work into two.

Both task orders were awarded to Monterey Consultants Inc. of Dayton, Ohio — one providing support for the Office of Small And Disadvantaged Business Utilization, and the other VA’s Center for Veterans Enterprise. The latter includes the application processing. The two task ordes were worth $1.08 million and $2.26 million respectively.

Business news briefs: Giant Eagle acquires Cleveland pharmacy company

O’Hara-based Giant Eagle Inc. has acquired Cleveland-based Rx21 Specialty Pharmacy, which specializes in medications used for complex treatment regimens for cancer, hepatitis C, rheumatoid arthritis, psoriasis, Crohn’s disease and multiple sclerosis, among others. With the acquisition, Giant Eagle officials say pharmacy customers receiving these treatments now have 24-hour access to a pharmacist for consultations. Terms of the deal were not released.

CBIZ Small Business Employment Index Rises

The CBIZ Small Business Employment Index (SBEI), a barometer for hiring trends that surveys data from 3,500 companies with 300 or fewer employees, increased by .52 percent during November following a decrease of .42 percent during October.

Wednesday’s ADP’s November survey revealed that the private sector added 215,000 jobs during the month, which is the strongest job growth reported this year. In addition, October’s revised tally is 184,000 jobs created, after 130,000 new jobs were reported initially.

“Approaching the holiday shopping season with optimism, we know that retailers spent the month stocking shelves. A small increase in the SBEI seems to indicate that, by and large, smaller retail shops performed those tasks with only minimal hiring. Although the reading was less than what we had hoped for, it was better than three of the last four November reports,” shares Philip Noftsinger, business unit president for CBIZ Payroll Services. “There are mixed economic signals in the numbers right now, but most retailers seemed to be optimistic about this holiday season,” he continues.

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Ohio Business News

December 5, 2013 by

business (8)Having a business- whether it is small or has many employees-requires to have an online presence. A website that has current information is a must for many businesses nowadays, and if your business is retail the information you have on your website can make a big difference in how much business you do online. Read the articles below to find more news about Northeast Ohio.

5 Easy Ways to Lose Customers 

No one wants to lose customers. But in a competitive environment, the smallest slip can do just that. In fact, 29 percent of customers will not order from an online store again if just one order is incorrect. This statistic and others are included in this infographic from Webgistix, an online fulfillment company, which breaks down the easiest ways to earn a customer’s loyalty or lose it forever through shipping and delivery errors.

Ohio energy efficiency and renewable energy laws headed for a vote

COLUMBUS, Ohio — The Republican-led effort to change Ohio’s energy laws at the request of the state’s electric utilities — and over the objections of the Ohio Consumers’ Counsel, the Ohio Manufacturers Association and several environmental groups — is headed for a showdown Wednesday.

The Senate Republican Caucus met until midnight Tuesday debating a number of bills, including whether to go ahead Wednesday to vote a bill out of the Senate Utilities Committee that would upend the state’s energy efficiency and renewable energy mandates.

But two separate sources early Wednesday morning said the chances of that happening were very slim, based on the tone of the debate and concerns raised during the caucus about the legislation’s impact on consumer electric bills.

Government Files Suit Against Canton, Ohio-based Tab Construction and Its Owner for Allegedly Defrauding the Historically Underutilized Business Zone Program

The government has filed a complaint against Canton, Ohio-based TAB Construction Co. Inc. (TAB) and its owner, William E. Richardson III, for allegedly making false statements to the Small Business Administration (SBA) to obtain certification as a Historically Underutilized Business Zone (HUBZone) company, the Justice Department announced today.

 “The HUBZone program is intended to create jobs in areas that historically have had trouble attracting business,” said Assistant Attorney General for the Justice Department’s Civil Division Stuart F. Delery.  “The Justice Department will take strong enforcement action when companies obtain contracts to which they are not entitled.”
The government alleges that TAB used its fraudulently procured HUBZone certification to obtain four U.S. Army Corps of Engineers’ construction contracts worth millions of dollars.  Each of those contracts had been set aside for qualified HUBZone companies.  The government’s complaint asserts claims against TAB and Richardson under the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act of 1989.
Allegedly, Richardson originally applied to the HUBZone program in 2000 by claiming that TAB’s principal office was located in a designated HUBZone when no TAB employees worked out of the HUBZone office, and TAB actually was located in a non-HUBZone.

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2013 Tax Advice For The Small Business Owner

November 26, 2013 by

business (4)While you may be thinking turkey, and your children or grandchildren may be thinking Santa Claus, many small business owners are thinking about calling their accountant to settle their business finances for the year and see where they stand.  There is possibly nothing more important for a small business owner than to have a knowledgeable accountant that can take care of these important matters for their business. Tax laws and tax breaks for businesses are changing or expiring yearly, talking to your accountant about the changes that will affect you and your business are extremely important, don’t wait till the last minute, and talk to them today.

Follow the links to read more about this topic.

Tax strategies for small-business owners

If you’re running your own business, then finding time to keep up on money-saving tax strategies can be a challenge — one that’s complicated by the fact that tax laws are constantly changing.

Here are three simple tax strategies to keep in mind as Dec. 31 approaches.

1. Run the numbers

The best thing you can do before year-end is get your accounting up-to-date and figure out whether you have a profit or loss, said Eva Rosenberg, an enrolled agent who publishes TaxMama.com and is a contributing writer for MarketWatch.

It’s best to do that now, while you still have time to make adjustments. Otherwise, “there’s no way to plan,” Rosenberg said. “I’ve seen too many people come to me and say, ‘Look, I have a $100,000 loss for the year’” — only to discover that the business owner has failed to correctly account for some item, such as inventory.

Small business advice: Hurry, these four tax breaks expire at the end of the year

Fifty-five federal tax breaks are scheduled to expire at the end of the year. Usually, many of these expiring tax provisions are extended at the last minute, but this year is shaping up to be different.

The pressure for additional revenue, combined with political gridlock, has greatly increased the likelihood that many of the most advantageous provisions will not be extended or will be reduced significantly. This challenges business owners to make difficult decisions before the year ends without knowing what rules will be in effect in 2014.

We’ve sifted through all the expiring tax provisions and narrowed the list down to the four most important expiring breaks that every small business should consider taking advantage of before the end of the year.

Use Sec. 179 expensing/bonus depreciation opportunities

Current law enables firms to deduct the cost of purchasing assets like equipment, furniture, and computer software now instead of over a set period of years. The 2013 expensing limit is $500,000, and it is scheduled to drop significantly to $25,000 in 2014. The deduction begins to phase out when total qualified purchases for the year exceeds $2 million. If you have equipment needs, consider purchasing them in 2013

5 Social Security tax truths

While you hear a lot about the federal income tax, you don’t hear much about the Social Security tax. That’s odd because it’s just as expensive as the federal income tax for many folks, especially the self-employed. Here are five apparently little-known truths about how the Social Security tax works and how much it can amount to.

1. Social Security tax can be a big number if you’re an employee

As an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling. Half the Social Security tax bill (equal to 6.2%) is withheld from your paychecks. The other half (also 6.2%) is paid by your employer, so you never actually see that half. Unless you understand how the tax works and closely examine your pay stubs, you may be blissfully unaware of how much the Social Security tax actually costs.

The Social Security tax wage ceiling for 2013 is $113,700, and it rises to $117,000 next year. If your wages meet or exceed the ceiling for 2013, the Social Security tax hit for this year is a whopping $14,099 (12.4% x $113,700 = $14,099). Once again, half of that will come out of your paychecks, and your employer will pay the other half.

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“Shop Local” This Holiday Season

November 19, 2013 by

business (3)As a small business owner you can certainly identify with the efforts the Better Business Bureau is doing in promoting shopping at small business in your communities.  Small business owners in your community have been increasingly fighting the big retailers and online shopping retailers for the holiday season, and thus the BBB is hoping you can join the effort and “shop local” for this holiday season and help the community you live in.

“Shop Small” and Support Small Businesses on November 30th

Small businesses are the cornerstone of any community, creating jobs, spurring local economic growth, and giving back to society. In recent years, small businesses have been overshadowed by the holiday hype of “Black Friday” and “Cyber Monday,” which tend to emphasis major retailers. But small businesses have much to offer for holiday shoppers!

For the fourth year in a row, Better Business Bureau is supporting Small Business Saturday and urging consumers to support the small businesses in their communities on November 30th, the Saturday after Thanksgiving. It’s the perfect time to take a break from the crowded shopping mall and instead check out the small stores and businesses in your neighborhood. You’ll find unique gifts, gourmet foods and more to make your holidays distinctive, fresh and fun. You might even discover your new favorite store!

2012 was a huge year for Small Business Saturday. Consumer awareness reached a reported 67% and an estimated $5.5 billion was spent at small, independently owned retailers, according to American Express OPEN, which launched SBS.

Health Policy Institute of Ohio advises small businesses to buy health insurance in the next 30 days

CLEVELAND, Ohio — If you run a business or organization with 50 or fewer employees the next 30 days are the best time to shop for health insurance for your staff.

That’s the word from the Health Policy Institute of Ohio, a nonprofit, independent organization that provides health policy information to state leaders.

Shopping between Nov. 15 and Dec. 15, the Institute says, can make a big difference because insurers can’t deny coverage then to a business that has a large percentage of employees opting out of the health benefit.

“Through this new open enrollment period, small businesses will have the most options,” said Amy Rohling McGee, president of the Institute.

Lockheed’s closure of Akron plant means 500 job cuts

A historic Akron industrial facility with ties to wartime production, aerospace simulators, space exploration and military mission systems will close by 2015.

Lockheed Martin Corp., which took over operations in the city that date to Goodyear Aircraft decades ago, announced plans Thursday to shutter the facility along with four other operations around the country.

One footnote in the announcement widely called “sad news” for Akron was that some work will be continued at the landmark Airdock. The Lockheed Martin operation is spread over buildings nearby.

About 4,000 workers nationwide, including about 500 people in Akron, are expected to lose their jobs starting next year and into 2015, Lockheed Martin said.

Employees and local public officials reacted with sadness and anger, saying the loss of high-paying jobs will be an economic blow to the region. Some, including the property owner, held out hope that new tenants will quickly be found to fill the sizeable property next to Akron Fulton International Airport once Lockheed Martin moves out.

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Time Management

November 13, 2013 by

business (10)Keeping up with the theme for this month, here are three articles with information for you that will shed some light to the way you use your time when running a small business. As a small business owner, wasting time in a daily basis is not something you can afford, but do you manage your time efficiently? Read the articles below to find more information about this, and hopefully, if you are not already doing it, manage your time more efficiently.

The 80/20 Rule of Time Management: Stop Wasting Your Time

Small-business owners waste their time on what I call $10 an hour work, like running to get office supplies. Meanwhile, they forgo the activities that earn $1,000 an hour, such as sending the right email to the right person, or negotiating a lucrative contract, or convincing a client to do more business with you.

Entrepreneurs don’t realize the same 80/20 principle — the adage that 20 percent of customers equal 80 percent of sales — applies to every dimension of business. And that includes time management.

We entrepreneurs are extremely prone to rationalize, “I can do it myself.” Then we spend six hours trying to extract a virus from our computer or fix a leaky faucet.

Sure, we may be competent to do that little job. And sure, sometimes you have to do everything when you start out. But now you’re doing a $10 or $20 per hour fix-the-faucet job and you’re not doing your No. 1 job, which is getting and keeping customers. That job pays $100 to $1000 per hour.

Many a promising business has been killed by those little jobs. When someone says “time management,” you probably think of time logs, goal lists, and “Getting Things Done.” But getting busy is not what makes you rich.

5 Ways I Automated My Small Business 

I’m no Tim Ferriss.

I mean, I don’t have my life down to a four-hour work week or anything. However, as my children get older, it seems my available (quiet) daytime hours are slowly reduced, while my clientele and potential profits are way up. The nature of my business (I’m a freelance communications consultant focusing on the written word) requires long swaths of quiet writing time. So, I did what any Ferriss fan would do. I figured out ways to make sure my quiet daytime hours were reserved solely for writing, and learned to cut hours — even minutes — out of my schedule in the most efficient ways possible. Here’s how I automated my small business.

Problem 1: Computer Maintenance
Last week I wrote about rookie mistakes that new writers might make. One of those was neglecting file backup, which can be done easily and automatically via the cloud using any number of services (I personally use Mozy while my husband/officemate has recently discovered Box). Another way that my computer steals time from me is through regular maintenance, which either takes effort and time on my part, or clogs up my computer’s processes in such a way that it’s useless to me for about an hour.

Strategies: 20 ways for small businesses to save time

If you’re a small-business owner, I’m sure you’ll relate to my morning:

• Inbox with 115 new e-mails.

• Important customer with a difficult question about a big order.

• 10 a.m. conference call with a hot prospect.

• A new employee needing training.

• A meeting about updating one of our products.

• Someone tweeting me.

• A phone call to my accountant about taxes.

And my column is due this afternoon.

Wow! So much to do, so little time. Every small-business owner faces the same dilemma: How do we ever manage to get anything finished with so many things on our to-do list?

Small-business owners and entrepreneurs constantly are being tugged in many directions, so they need to make the most of almost every minute.

I’ve come up with 20 time-saving tips for your small business:

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