Workplace Stress – Now is a Good Time to Pay Attention

December 9, 2014 by

business (1) The holidays are here and most likely your employee’s stress levels, which were high to begin with, have increased to ultimate, super high.  So why, as their manager, should you care?  Stress is a part of life and isn’t it the employees private concern on how they take care of it? The answer to that question is a resounding “no”.  An effective manager is aware of workplace stress and takes steps to deal with it.

People’s jobs typically require 40 to 50 hours a week – both at a worksite and, with the advent of personal electronic devises, at home during unofficial work time.  Their employment is a big part of most people’s lives, as is the stress which comes from it.  Personal stress and professional stress are linked and they influence each other more than ever.

A successful boss is aware of how workplace stress is an important part of an employee’s life and takes steps to relieve it.  Because, not only is it good stewardship, it’s important for the company’s bottom line.  A conservative estimate is that job stress costs businesses more than $300 billion a year (American Psychological Association, 2013).  Stress leads to absenteeism, diminished productivity, higher health care costs, and theft of property, time and money.

It also causes employees to quit their jobs; turnover is directly affected by stress.  Almost 1 in 4 people (24%) gave “too much stress” as a reason they would quit their job (Randstad, 2014).  Inadequate pay and limited opportunity for advancement were the only reasons that scored higher.  Unfortunately, pay and advancement are often something a supervisor can’t do anything about, particularly in a small business.

But, stress on the job is something she has power over, it can be controlled in many ways.  There are some fundamental time tested techniques, and some innovative ones which are geared to a particular worksite or type of employee.  Skilled mangers will learn and apply these ideas, because healthy stress reduction starts at the top and works its way down.

A supervisor’s negative viewpoint filters down and impacts the whole team.  Workers often identify their boss’s behaviors and attitudes as the primary stressors.  Now is a good time for managers to take an inventory of their own attitudes, as well as the employees.  Going into next year with the idea to increase the company’s bottom line through reducing workplace stress is a worthy personal and professional goal that everybody benefits from.

Filed Under: coaching Tagged With: , , , , , , , , , , ,

Financial Decisions For You and Your Business

November 25, 2014 by

business (7)The 2012 statistic for non employer firms in the United States was close to 23 million.  Non employers are those individuals that are known as self-employed and their businesses are what we called sole proprietorships.  They have no paid employees and the business income is not the sole source of income for most of those individuals. To read more about business news follow the links below.

The 3 Decisions That Will Change Your Financial Life

There’s nothing worse than a rich person who’s chronically angry or unhappy. There’s really no excuse for it, yet I see this phenomenon every day. It results from an extremely unbalanced life, one with too much expectation and not enough appreciation for what’s there.

Without gratitude and appreciation for what you already have, you’ll never know true fulfillment. But how do you cultivate balance in life? What’s the point of achievement if your life has no balance?

For nearly four decades, I’ve had the privilege of coaching people from every walk of life, including some of the most powerful men and women on the planet. I’ve worked with presidents of the United States as well as owners of small businesses.

Across the board, I’ve found that virtually every moment people make three key decisions that dictate the quality of their lives.

If you make these decisions unconsciously, you’ll end up like majority of people who tend to be out of shape physically, exhausted emotionally and often financially stressed. But if you make these decisions consciously, you can literally change the course of your life today.

How Much Time Do Your Employees Spend Doing Real Work? The Answer May Surprise You. (Infographic)

Your employees are at work. Sure. But there’s a better than 50 percent chance that they aren’t getting real work done.

Employees say that they only spend 45 percent of their time at work actually completing their primary job duties, according to a survey of 2,000 office workers conducted by management software developer AtTask and market research firm Harris Interactive. That means more than half of their hours at the office are spent doing other things. Have a look at your latest payroll statement: that’s expensive lost productivity.

Wasted time at the office goes toward taming the ever-spawning inbox, handling administrative tasks, going to meetings and dealing with miscellaneous interruptions, according to the survey.

For more data on the culture of the current office community, including how business employees prefer to communicate and what causes most workplace conflicts, have a looksee at the infographic embedded below.

Oh, and then get back to work.

Holidays vital for small business survival

ZANESVILLE –

When Tami Neff flips the closed sign in Tami Loves’ front door to open during the holiday season, she holds with her hope for her store.

During November and December, her small retail business will make about 75 percent of its annual profit.

According to the National Retail Foundation, sales in those two months account for about as much as 30 percent of annual sales for individual retailers and 20 percent of the industry’s $3.2 trillion in annual sales.

Forecasts for this year’s holiday spending anticipate a 4.1 percent increase of $617 billion from last year when spending was up 3.1 percent over 2012. However, an analysis by international financial consulting and advisory firm Deloitte suggests the increase could be as much as 4.5 percent.

Ohio retail estimates will not be available until Monday, but Tom Poorman, president of the Zanesville-Muskingum County Chamber of Commerce, said he expects Zanesville’s numbers to be similar to the national numbers. That is good news for the 670 members of the chamber, he said, about 90 percent of which are run by small-business owners.

Filed Under: Ohio Business News Tagged With: , , , , , , , , ,

Want to Sound Smart? Don’t Use Buzzwords

November 6, 2014 by

business (11)One of the main uses of communication is to convey meaning, emotion and information to others.  People also attempt to use language to create and form the image they’d like others to have of them.  It happens every day, in many different ways, through a variety of mediums – sometimes successfully, but often times not.

This is true for both personal and business communication.  In business the words you choose to use reveal a great deal about yourself to others, both professionally and personally.  Along with appearance, language is fundamental in creating the image people form about you.

Words provide structure and meaning for your thoughts, beliefs and ideas. The terminology you choose, how you say it, and to whom you say it gives clues about your: level of education, actual knowledge on the subject, comfort level with the current circumstances, job satisfaction, commitment to the product or service, state of mind and outlook on life.

Because other’s perceptions of us are so closely tied to language it’s a big mistake, in a business setting, to use buzzwords incorrectly or that are old and out-dated.  They’re also often used – both unintentionally and intentionally – to complicate rather than simplify issues.  Everyone has been in a meeting, read an email, or talked with a coworker where this happened, resulting in an unfavorable impression of the person.

Many people use buzzwords to try to sound smart, which only gives the impression that they don’t know the topic or are unconfident in addressing it.  They’re also regularly used by people who’re insincere and just “BSing”.  When used incorrectly or excessively buzzwords can do serious damage to your reputation and creditability.

This is particularly true if the business communication is written.  If you’re using buzzwords to impress or cover up a lack of knowledge, but don’t know what you’re talking about, it’s easier for others to see the mistakes and misusages in writing.  And once it’s in writing it’s there forever for anyone to see and mock.

Clear, simple and concise communication will make you sound like you know what you’re talking about, not buzzword filled sentences.  So, the key takeaway here is to pivot your strategy by finding bandwidth to hack and gameify your wheelhouse through synergy.  Or not.

Filed Under: coaching Tagged With: , , , , , , , , , ,

Ohio’s Economy

October 28, 2014 by

​business (5)Election Day is right around the corner and candidates are eager to tell you that Ohio is better off today than it was a year ago.  The economy is doing better thanks to their diligent work, astute maneuvers, and their hard work, etc. etc……..Before you cast your vote, here are some statistics that while they may not help you voting, may give you a clue as to the state of the economy.  The United States unemployment rate last September 2013 was 7.2% while this September 2014 is 5.9%. In 2009 when President Obama took office the economy had reached a 10% unemployment rate (Oct. 2009). The Ohio Unemployment rate today is 5.6% compared to 5.7% last month, and 7.4% last year. So, are we doing better? Is the economy mending? Are the taxes we pay now higher now than they were last year? Follow the links below for more information about the state of Ohio’s economy.

OHIO SMALL BUSINESSES Tax cut goes largely unclaimed

COLUMBUS
A tax cut for small business-owners in Ohio hasn’t been claimed as much as expected, leading some to shell out hundreds of millions in taxes that state law didn’t require them to pay.

Republicans including Gov. John Kasich have promoted the tax deduction as a way to help small businesses expand. Owners could take a 50 percent tax deduction on up to $250,000 of income for 2013.

The Columbus Dispatch reported that just 379,000 business filers took the tax deduction as of Oct. 19. That’s roughly half of the 717,000 filers the state’s Department of Taxation anticipated when the GOP-dominated Legislature passed the tax break in June 2013.

The newspaper reports that those business filers saved $287 million in income tax. That’s below the $533 million in projected savings. The average filer — those entities whose profit and income are one in the same — saved about $760.

​Ohio small businesses paid way more income taxes than they had to last year

Ohio small businesses paid hundreds of millions of dollars in income taxes they didn’t have to, according to a story in the Columbus Dispatch.

Last year, Ohio business owners could receive a 50 percent tax deduction on up to $250,000 of income.

About 379,000 tax filers took the credit out of the 717,000 filers the state’s tax department thought could do so.

Those businesses saved $287 million of the $533 million the state believed could be saved.

Smaller businesses in Ohio turn cautious

Owners of small and medium-size businesses in Ohio are growing more cautious about the outlook for their sales and profit in coming months.

Just 39 percent of the business owners expect sales to increase in coming months, and only 29 percent predict a higher profit, according to PNC Bank’s semiannual survey of business owners released yesterday.

Both numbers are lower than the results of the spring survey and the one taken a year ago.

At the same time, though, the survey found that 82 percent of business owners are optimistic about their company’s prospects over the next six months. That percentage is consistent with previous surveys.

The seemingly contradictory results reflect an Ohio economy that is growing more slowly than the national economy, PNC economist Mekael Teshome said.

Filed Under: Ohio Business News Tagged With: , , , , , , , ,

Small Business News That Can Affect Your Business

October 22, 2014 by

business (6)According to the news, Rep. Steve Chabot is the most likely candidate as chairman of the House Small Business Committee for next year. In Northeast Ohio, his name may not be well known, but as a future representative in the small business committee, small business across Ohio may want to take a closer look at what Mr. Cabot’s office is doing to help the small business community in this country.

Follow the links below for more news about business.

House and Senate will likely have new small business leaders next year. Who’s in line?

Small business owners should know the names Steve Chabot, James Risch.

Outside of Ohio, Steve Chabot’s name may not mean much to small business owners. However, he may soon be one of their most influential representatives in Washington.

Rep. Chabot (R) is the most likely candidate to replace Rep. Sam Graves (R-Mo.) as chairman of the House Small Business Committee at the end of the year, according to a congressional staffer familiar with the discussions. Graves will be stepping down in accordance with self-imposed six-year term limits agreed to by all House Republicans.

Others interested in the gavel include Republican Reps. Scott Tipton (Colo.), Chris Collins (N.Y.) and Richard Hanna (N.Y.), according to the source, who spoke on the condition of anonymity because the discussions are intended to be private. All three currently serve as chair of one of the small business panel’s subcommittees. 

3 Million Reasons for Small Business Owners to Believe

So if you are a small business owner like myself, you have no doubt, seen all the ads while surfing the net for contests and grants to help grow your business, but you’re either too busy working, too afraid to bug your fans to vote for you, or too cynical that something like this could never happen to you, but I’m here to tell you there are 3 Million Reasons to Believe.

Last September, I sat down at my computer around midnight to watch a local news story that I had missed on the 10 ‘o clock news that was featuring a story about our business. I rolled my eyes as I realized I was going to be forced to watch this :30 second commercial before I could see the piece. My eyes and ears started popping as the seconds ticked by, and I started to comprehend what the ad was telling me.

What Small Businesses Get Wrong About Maternity Leave 

American women (and men) often bemoan the sorry state of maternity benefits, and understandably so: The U.S. and Papua New Guinea are the only two countries where female workers aren’t guaranteed at least some time off to care for newborn children, while only 5 percent of U.S. companies offer fully paid maternity leave.

Women employed by small businesses in the U.S. have it even worse. The Family Medical Leave Act provides workers 12 weeks of unpaid leave but exempts companies with fewer than 50 workers from complying. That means tens of millions of workers aren’t guaranteed time off after the birth of a child.

Small business owners who don’t offer paid leave and other benefits to new moms are making a mistake, according to a paper (PDF) published this week by the International Labour Association, an agency of the United Nations. They tend to overestimate the costs and underestimate potential gains, including happier workers, lower employee turnover, and less absenteeism. That reflects a pattern researchers observed in California and Australia, where small employers complained about the cost of new regulations governing maternity benefits—then later reported that offering paid leave seemed to boost productivity.

Obamacare’s small-business exchanges to see major changes in the coming months

Some states will see long-awaited improvements. Others will continue waiting. 

One year in, the new small-business insurance marketplaces born out of the new federal health-care law have fallen short of their promise in nearly every state, both in terms of functionality and enrollment. However, many are scheduled to see some important updates heading into year two — ones that health officials say should make them much more useful and appealing to small employers and their workers.

In the nation’s capital, for example, officials are preparing to roll out the third major update to the District of Columbia’s health-care marketplace, which already houses one of the country’s most robust small-business exchanges, often called SHOP (Small Business Health Options Program) exchanges. District small businesses have already been able to shop for and select plans online — an option that was delayed by at least a year in most states.

Filed Under: Ohio Business News Tagged With: , , , , , , ,

Are You Stressed Running Your Business?

October 15, 2014 by

business (10)More than half of the businesses that start each moth are home based businesses, and more than 500,000 new businesses start each month.  Unfortunately, more employer businesses shut down each month, and not surprisingly as a small business owner you can understand why.  The stress of running a business-regardless of the size- are numerous, and for a business owner, he or she has to deal with the issues and find a solution anytime they come up. Time constraints, cash flow issues, worker related issues have to be dealt in a timely manner, and the business owner finds himself doing the job of several people in a daily basis.

For more information about small business news, follow the links below.

Common Stresses – and Reliefs – of Small Business Owners

Being a small business owner doesn’t come with a job description, and more often than not it includes unforeseen stresses and challenges that are out of the business owner’s control. As a result, more and more entrepreneurs are finding ways to balance the demands of business in both practical and surprising ways.

Common Stress #1: Lack of Control 

While being your own boss may appear to put you in the driver’s seat, working with external business partners, clients, investors and other outside parties puts you in a position where you lack control. Sure, you may have influence… but that’s isn’t the same as identifying all end results. This can cause many small business to gain stress and seek resolution. Unfortunately, guaranteeing the results or even the answers you want to happen are not always possible.

Doing Small Business Better: Is the customer king?

Welcome to ZDNet’s second panel discussion in the Doing Small Business Better video series. This week, our discussion will focus on the concept of being a customer-centric business.

This is a term that is used a lot, but what does it really mean? When it comes to building stronger relationships, it all revolves around managing customer expectations, which sounds simple enough.

Where do businesses go wrong when it comes to customer service? And what are the most important factors to consider to get it right?

The concept of delivering great customer service, and being customer centric, should be a priority for every business, but sometimes it can get a little lost in the day-to-day pressure of doing business. This panel discussion provides some insights on getting it right.

Hosted by Andrew Griffiths, taking part in the panel is Troy Eggins, managing director of Trojan TechGroup; Bob Greenup, managing director of BNI Sydney central and south; Peter “Ziggy” Tsiglopoulos, director and owner of 3P Financial Pty; and Lisa Conway, owner of Zing Business Coaching.

Small-business Contracting on the Rise, Official Says

WASHINGTON, Oct. 14, 2014 – For the first time, the Pentagon has exceeded departmental goals for small-business contracting, a senior Defense Department official said last week.

Small businesses made up 23 percent of the Defense Department’s prime contracts in fiscal year 2014, receiving about $53 billion in work, said Andre Gudger, director of the office of small business programs, in a DoD News interview.

“This year, the Department of Defense not only exceeded its goal, but it also is on course to exceed the federalwide goal. … That’s significant — that’s historical, in fact,” he said.

The department also exceeded its goal of 3 percent for contracts with small businesses owned by service-disabled veterans — about $9 billion in contract value — Gudger said. “There’s no one better than that group of people to know what we need and how fast we need it, and help us to reduce the barriers in acquiring it,” he said.

Prime contracts are contracts in which the department contracts directly with the business, as opposed to subcontracting, where a second company is hired by a defense contractor to accomplish some part of the work.

Critical to battlefield dominance

This is an important accomplishment, Gudger said, because small businesses are critical to dominance on the battlefield.

Filed Under: Ohio Business News Tagged With: , , , , , , , , , ,

Silence is Golden for an Effective Leader

October 7, 2014 by

business (11)Leaders tend to be people who are skilled with words.  They’re often equally comfortable with presenting to a large group, facilitating a contentious staff meeting or coaching one on one.  They’re counted on to know what to say in awkward social situations when other people freeze up.  In part, their jobs are to smooth over problems, break the ice and rally the troops.

These skills are one of the primary reasons they’re identified as leaders.  People who have good verbal skills convey authority and confidence.  Being able to use the right words is often, sometimes mistakenly, seen as thoughtfulness, intelligence and insight.  However, just because they’re excellent talkers doesn’t mean they’re effective leaders.

Many struggle with pausing, listening and letting others speak.  They have a “me” mindset that’s fostered by their job and facility with language.  They mostly have one-sided conversations and experience difficulty with two-sided ones.  A productive leader will pay attention to, learn from and correct these three common mistakes which unproductive leaders make.

Uncomfortable with silence – People in general feel uncomfortable with silence, but for a variety of reasons leaders particularly struggle with it.  A moment of silence is the way someone gathers his thoughts, formulates questions and processes information.  It’s vital to learning and understanding information.  An innovative leader learns the tool of silence and teaches it to others.

It’s really not all about you – Someone taking a breath or pausing in a conversation isn’t a signal to start talking again.  Truly motivating leaders don’t have to be the center of attention or control the conversation.  They’re able to wait out the moment and stay focused on what the other person is saying.

Know it all – Leadership is not synonymous with expertise and secure leaders know they don’t have to have all the answers or understand all the questions.  They surround themselves with people who do know the issues and the answers.  “Better to remain silent and be thought a fool than to speak out and remove all doubt” – Abraham Lincoln

Talking is less than one half of communication and successful leaders are good communicators, not just good talkers.  Most people, especially those in leadership positions, believe that because they’ve spoken communication has resulted.  Unfortunately, this isn’t accurate – the examples of excellent talkers who are ineffective communicators and leaders are legion.  It’s important to remember that the biggest problem people have with communication is assuming it has taken place.

Filed Under: coaching Tagged With: , , , , , , ,

Small Business Topics You do Not Want to Miss

October 6, 2014 by

business (2)Small business owners wear many hats when running their business.   Many issues that plagued them daily are the issues of cash flow and time.  Their “to do”  list is never done, and the time needed to finish the myriad of things they need to accomplished is never enough. Cash flow issues are a constant reminder to the small business owner that either they need to borrow money or find a way to stay afloat. If those issues are something that you as a small business owner feel are important to you, follow the links below for more information about these topics.

What comes first: financing or growth?

The most common complaint we hear from small-business owners in 2014? Financing and lending are still tight, and these restrictions are impeding growth. For this special report, Crain’s reporters and researchers dove deep into the latest trends in lending, from Small Business Administration-backed loans to the community banking resurgence to the Kickstarter phenomenon. We also present trends and list resources in alternative lending, venture capital and microloans.

And what’s a small-business special report without plenty of advice from area business owners who have successfully cracked the money code? Meet the owners of Lickity Split, a custard shop that is taking advantage of tax-increment financing grants to expand; a day care owner in Portage Park who financed an extension with a microloan; and a maker of gluten-free bakery mixes who has dazzled venture capitalists at the age of 26. And lest you think that finding funding for your idea is impossible, scroll through our slideshow of 20 random Chicago-area projects that won Kickstarter in the past 12 months.

Small business, big mistake: Losing sight of the mantra that ‘cash is king’

Welcome to “Small Business, Big Mistake” where small-business owners face up to their biggest mistakes and share advice to help your company avoid the same fate.

My previous education and business experience were limited to the technical side of doctor’s offices, so I didn’t think I was prepared to be an entrepreneur. Still, I wanted to have my own business, so experience aside, I decided to jump in with both feet.

I did my research, wrote my business plan, and hung out my shingle. Suddenly, I was a professional pet sitter with my own small business. I provided daily dog walking services for busy professionals and pet-sitting services for owners when they went out of town.

My business grew organically, and within six months, I had more business than I could handle on my own.

10 Ways to ACTUALLY Get Through Your To Do List

We start out each day with the best intentions to get it all done, but sometimes it feels like the world may be conspiring against us. As entrepreneurs and self-employed individuals, we have a myriad of tasks on our plate at any given moment, not to mention trying to balance this workload with your personal life. If you’re looking for a few ways to help you actually cut through the fluff and get your real work done, try out these ten tips:

1. Just do it!
This is probably the simplest way to start getting more things done. Instead of spending time debating what you should be doing, pick one thing and just do it. Then pick another and do it. Don’t worry about what’s next on your list or the other things that need your attention. They’re not going anywhere. Just focus on the one task at hand. You may be surprised at how well this simple approach works.

2. Work in chunks of time. 

Filed Under: Ohio Business News Tagged With: , , , , , , , , , ,

A Customer-Centric Culture is Everyone’s Job

September 5, 2014 by

business (7)Jim was making a large purchase of electronic equipment, add-ons and accessories.  He did his research on-line and was planning to buy it all on-line.  However, he wanted to see some of the components, so he went to a big box store.  The salesman was attentive, informative and offered discounts on various items.  Jim made a several thousand dollar purchase in the store due to the salesman’s help, knowledge and flexible pricing.

Jim was so impressed with the customer service that he asked to talk to a manager, to compliment the salesman.  After some time the manager showed up complaining that he was on a break and was unhappy with being interrupted.  As Jim tried to praise the salesman the manager was impatient and uninterested.

He even tried to take credit for the sale, arrogantly saying “I taught him everything he knows.  I should be the one you’re thanking”.  Jim walked away still happy with the salesman, but dissatisfied with the company “who should know better than to promote such an oblivious jerk to a management position”.

In a customer-centric culture it’s everybody’s responsibility to understand and uphold the company’s clearly communicated principles.  These succinct and focused set of values and norms guide how employees think and act, day in and day out.  It’s a culture where the customer’s perspective and experience is embedded into the company’s DNA.

Establishing and maintaining this culture is an on-going project which requires discipline and commitment at all levels.  All of the employees are responsible for monitoring, supporting and mentoring each other.  The best customer-centric cultures flow from top to bottom and bottom to top.

When the principles are at the center of every action, decision, conversation and strategy it becomes harder for a company to lose its way.   The company’s purpose becomes the companies “why and how”.  Why are we doing this?  How will it help the customer?  It helps a company stay focused on the reason why they’re doing what they’re doing – their purpose for being in business in the first place.

Then everything they do to design the customer’s experience will be aligned with this purpose.  Remember, customers buy from and return to the brands that they feel committed to, ones with which they feel aligned.  Many companies lose their purpose and then lose their focus, which weakens their customer’s commitment, leading to the business faltering and eventually failing.

Filed Under: coaching Tagged With: , , , , , , , , , ,

Women In Business

August 28, 2014 by

business (10)There are more than 9 million companies that are owned by women.  They employee close to 8 million people, and together they accomplished sales close to 1.5 trillion dollars as of this year. With those statistics one wonders why it is still hard for a business woman to get a loan from a bank or get the same benefits than their male counterparts get. To read more about this topic and to read more about Ohio’s economy outlook, follow the links below.

Ranking state economies: See where Ohio falls

Ohio’s economy is something of a mixed bag, at least according to Business Insider, which has ranked all 50 states.

The Buckeye State ranks No. 25.

Here’s what Business Insider has to say about Ohio:

“Ohio has a disproportionate number of manufacturing and health services jobs. However, Ohio’s scores on our measures were very much a mixed bag:

On the bright side, Ohio’s unemployment rate dropped sharply over the past year, from 7.4% in June 2013 to 5.5% in June 2014.

The housing market in Ohio, on the other hand, is not recovering as quickly as it is in many other states. Ohio saw a small 0.1% drop in housing prices between Q1 2013 and Q2 2014.

Similarly, Ohio faces demographic challenges, with the working age population shrinking by a marginal 0.1% between 2012 and 2013, one of only 13 states to show a decline in this population.

Women small business owners struggle to get loans

NEW YORK (AP) — Women are a growing force in the business world, but if they own a company, they may still struggle to get a loan from a bank.

Carrie Charlick and Marcia Cubitt have $4 million in sales but have been rejected for $500,000 credit lines since 2012. Their 11-year-old company, Essential Body Wear, sells women’s underwear at parties at customers’ homes. That’s a problem for bankers, Charlick says. Because the Detroit-based business doesn’t have a traditional structure and sells directly to the public rather than retailers, banks keep saying no.

“We don’t have receivables and we don’t own a building,” she says. “We don’t have collateral.”

Male loan officers have also made inappropriate comments about the fact the company sells lingerie. Charlick is convinced that they have a problem with women-owned businesses.

Women owners have long been at a disadvantage getting loans. Some states required husbands or other male relatives to co-sign business loans until the practice was outlawed by the Women’s Business Ownership Act of 1988. But women’s business loan approval rates are between 15 percent and 20 percent below men’s, according to the online lending marketplace Biz2Credit.com.

Several factors contribute to the problem. Banks historically have been gun-shy about small businesses, and that caution increased due to stricter government regulations after the 2008 credit crisis. Often, women-owned businesses are young, making them look risky to lenders.

Greg Abbott celebrates growth in women-owned businesses in Texas, overlooks meaningful details

In an email blast, Greg Abbott’s campaign said Texas businesses owned by women flourished with Barack Obama in the White House.

Abbott, the attorney general and Republican gubernatorial nominee, wasn’t saluting the Democratic president. In the July 10, 2014, email message, Kim Snyder, Abbott’s deputy campaign manager, called Texas the “land of opportunity – especially for women.” Texas does better than other states, Snyder wrote, adding: “Let’s compare: the growth rate of women-owned businesses in Texas has nearly doubled that of the nation since President Obama has taken office.”

A reader, bringing the email to our attention, wondered about the described growth rates.

To our inquiry, Abbott spokesman Avdiel Huerta said by email Abbott’s near-doubling reference was based on reports by American Express OPEN, which American Express describes as the leading payment-card issuer for small U.S. businesses.

According to the 2013 State of Women-Owned Businesses report, Huerta said, there were 8,617,200 woman-owned U.S. firms, including 737,300 in Texas, in 2013. In 2007, AMEX said there were 7,793,139 woman-owned firms nationally and 610,007 in Texas, Huerta said.

Filed Under: Ohio Business News Tagged With: , , , , , , , , ,
« Previous Page
Next Page »