Akron Ohio Business News

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.”


 

Small Business Financing And Opportunities

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.


Small Business Owners Retirement Plans

business (10)As more and more Americans are reaching the age of retirement, there are many questions about their retirement plans and whether they can afford to retire. According to this year’s figures, 57% of households say they have less than $25,000 in savings and investments.  28% say they have less than $1,000. Furthermore, small business owner’s retirement plans for their employees are minimal if they exist at all. If you are a small business owner interested in starting a 401(k) plan for your employees, read the articles below to read more.


The Sorry State Of Small Business Retirement Plans

Workers of the small-business world: I’m worried about you. In particular, I’m worried about your retirement.

A bruising new study from the Transamerica Center for Retirement Studies tells a tale of two retirement systems in the U.S. workplace: one for employees at large companies and an inferior one for those at small firms.

If you work for a business with fewer than 100 employees, there’s a far greater burden on you for even the prospect of having a comfortable retirement.

The Burden on Small Business Employees

“Workers at small companies need to be even more savvy about their retirement benefits than those at large companies, given the lag of those benefits at small companies,” Catherine Collinson, president of the Transamerica Center and author of the report told me. “It’s incumbent on small-company workers to help bridge those gaps on their own.”


Three Myths Keeping Small Businesses From Starting A 401(k)

Small businesses employ nearly one-third of U.S. workers and are a major part of our nation’s economic engine.  But an issue that continues to be discussed in Congress and state governments is how do we help more small businesses offer a retirement plan?

Ninety-nine percent of businesses with over 500 employees provide 401(k) plans or similar retirement benefits to their employees.  The numbers for small businesses are much lower.  In fact, our latest research on businesses with less than 50 employees shows that only about 24 percent offer a 401(k) plan.  This means a large number of Americans are not likely to be as prepared financially for retirement as those who have access to a retirement plan.

And while there are many sound reasons for small businesses to start a retirement plan, there are also some myths and pockets of misinformation clouding the picture. Following are three of the most-commonly cited myths (along with the real facts) to be aware of.


How business owners view money, retirement

Benefits and Retirement:

• When it comes to health benefit plans, 47% of respondents currently offer some type of plan. Almost half (44%) offer employee health benefits, 20% offer flex health and benefit plans and 8% offer healthcare spending accounts.

• Only 11% currently offer an employee wellness program.

• Just 37% of companies that have a health benefits plan also offer a retirement savings plan.

• A majority (54%) of small business senior decision makers feel that the financial security of employees who retire from their company is a reflection on their company and on them personally.

• Of those owners without a plan, reducing employee turnover (28%) or attracting top talent (17%) are important motivators for implementing one.


Today In Small Business

business (3)As the time approaches for the Obama Affordable Care Act to come into effect companies and small business are finding ways to sidestep the health care laws and make it work for their small business.

Read this and other interesting topics by clicking the links below.


Today in Small Business: The Business Lessons of Walter White

What’s affecting me, my clients and other small-business owners today.

The Economy

  • The Fed continues its stimulus and companies from Apple to Verizon Communications are saving about $700 billion in interest payments.
  • The Congressional Budget Office says that deficits are falling now but warns of trouble ahead.
  • The United States added 16,160 franchise jobs in August, according to a new report.
  • Conditions strengthened in the latest Architecture Billings Index, and builders started work in August on the most single-family homes in six months.
  • FedEx reported a 7 percent rise in quarterly profits.
  • Chief executives were less optimistic about the economy in the third quarter.

Small Business Administration Closure Plan Will Be Deceptive and Devastating

I predicted President Obama would try and close the Small Business Administration (SBA) by combining it with the Department of Commerce in November of 2008. He proved me right in January of 2012 when he announced his plan to do exactly that.

When Ronald Reagan was very clear he wanted to permanently CLOSE the SBA his plan was to combine it with the Department of Commerce. Combining agencies, particularly with the Department of Commerce, is an old Washington trick to close an agency without having to deal with public backlash.

President Obama said the federal government could save $300 million a year by combing the SBA with the Department of Commerce. He never gave any details on how that would be achieved. $300 million to the federal budget is like the change in your car compared to your overall net worth.


Small Businesses Temporarily Sidestep Health Law

Many small businesses have found a way to temporarily sidestep some of the headaches brought on by the new health care law.

One of them is Huber Capital Management. The asset management firm is renewing its health insurance policy early, in 2013 instead of 2014. By renewing its policy this year, the company doesn’t have to buy insurance that conforms to the requirements of the new health care law. And it won’t have the surge in premium rates expected under the Affordable Care Act.

“We can just push this whole thing off and defer it for essentially one year,” says Gary Thomas, chief operating officer of El Segundo, Calif.-based Huber Capital, which has nine employees covered by insurance.


Ohio Healthcare News

business (7)This is what is happening around Ohio that in some way or another affects the life of many Ohio families and individuals.

67K new businesses in Ohio could launch with health care law

Total number of self-employed Americans could grow by 1.5 million next year. Ohio could add as many as 67,000 new entrepreneurs as a result of the federal government subsidies made available to aspiring business owners through the Affordable Care Act, according to a new report from the Urban Institute.

The number of newly minted entrepreneurs in Ohio would ran fourth nationally behind California, Texas and Florida, and the total number of self-employed Americans could grow by 1.5 million next year when the states open their online marketplaces for health insurance under the health law, the nonpartisan Washington, D.C.-based think tank predicts.

With SAS, Ohio Mutual Insures Better Forecasting, Pricing

Since 2009, Ohio Mutual Insurance Group has used SAS-Analytics to explore price elasticity before making rate changes. Accurate forecasting with SAS enables the company to assess how proposed premium increases will affect renewals at agent and policyholder levels, so it can broaden its insurance lines with less risk.

Claiming $50M impact with lost business, Care Logistics sues two Ohio healthcare networks

Alpharetta-based Care Logistics, a provider of hospital management software and logistics services, is suing two Ohio health care networks, claiming they have cost the company millions of dollars after backing out of several business agreements.

In a case filed this week in U.S. District Court in Atlanta, Care Logistics seeks at least $12 million in damages from the networks, Catholic Health Partners of Cincinnati and Mercy Health Systems of Toledo, plus additional compensation.