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December 2006
Published: 12/15/2006
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Roy is the owner of a small company that sells and installs hot tubs. While he has tripled his sales in just a ten month period, he now doesn't have enough cash to keep the business growing. How can this be? The simple answer is that many of Roy's customers haven't paid their bills on time, and he lacks a system to handle delinquent accounts. Like many small business owners, Roy saw collections as a part of the business process that would eventually take care of itself. "I hate pressing people for money," he explains. "I just thought, naively I guess, that if we did everything else right - if we generated leads, converted them to customers, and delivered the right product at the right price - then surely we'd get paid." Roy is learning, the hard way, that a sale isn't really a sale until you've collected the money. |
A business partnership is like a marriage. It comes with similar baggage - the ebb and flow of independence, dependence, insecurity, creativity, and crisis - and the challenge of trying to raise a child (your business) from infancy through adolescence to adulthood. Have you checked the divorce statistics lately? Well, the odds of a business partnership surviving are even worse! And for a family business? Train wreck ahead! But as with marriage, there seems to be a strong human pull to form business partnerships. And for those who've forged ahead despite the many perils, strategies do exist to increase your odds of success. |
News from the U.S. Small Business Administration
Newly released data show that in 2005, small businesses represented 99.7 percent of all the nation's employer businesses. Data also show that they employed 57.4 million Americans, or 50.6 percent of the non-farm private sector workforce. The Small Business Profiles for the States and Territories uses the latest federal government statistics to detail small business' contribution to the economy of the states, District of Columbia, the nation, and the U.S. territories. Citing a variety of sources, data is updated annually that documents the number and type of businesses, ownership demographics, including minority and women-owned statistics, employment and financing data, and other business information. To obtain a copy of the Small Business Profiles for the States and Territories from 2002 to present, visit: www.sba.gov/advo/research/profiles/. |
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The report, "Small Business and Micro Business Lending in the United States, for Data Years 2004-2005," uses both Consolidated Reports of Condition and Income (Call Reports) from June 2005 and Community Reinvestment Act (CRA) reports for 2004 to review small business lending activities by financial institutions. This year's edition expands to include savings banks, savings and loan institutions, and American Territories. The report also ranks lenders in each state by their small business lending activities, as well as ranking large national financial institutions. The report includes data on a complete ranking of lenders. A copy of the report is located at: http://www.sba.gov/advo/research/sbl_05study.pdf and the research summary can be found at: http://www.sba.gov/advo/research/rs288.pdf |
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