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October 8, 2008

News for small and independent businesses

Today's Top Stories

Campaign tax plans would affect small business differently
CBS News compares how the tax policies proposed by the presidential candidates would affect small-business owners. Sen. Barack Obama's plan would have small-business owners who file personal income tax on less than $250,000 paying the same or less, while those who earn more than $250,000 would pay more. Sen. John McCain would leave personal income tax alone but cut the corporate tax rate from 35% to 25%. CBS News (10/7)

5 ways to recession-proof your business
Revenues may be drying up but you're not without resources, and many are in plain sight. This article advises on how to make a list. "Recessions don't have [to] dictate an end to your fortunes," the Business Pundit writes. "In fact, if you stay flexible and creative, opportunity abounds." Business Pundit (10/6)

Sales & Marketing

Leading Seattle entrepreneurs are angels for startups
In Seattle, successful entrepreneurs have joined the Founder's Co-op to provide angel funding for the next wave of innovators. Having made three investments so far, Founder's Co-op has raised $1.8 million more to fund new business owners who also get the benefit of the expertise in Seattle's business network. TechCrunch (10/7)

Small pharmacies have tough time competing with chains
Chain drug stores are making it harder for small pharmacies to compete, as evidenced by the Southern California scene where big business has gobbled up most of the smaller firms. "The smaller players have gotten squeezed, their profits have gotten squeezed and at some time they decide to throw in the towel," says BB&T Capital Markets analyst Andrew Wolf. Los Angeles Times (10/8)

Political Landscape

Clinton wants rescue to aid small-business emergencies
Sen. Hillary Rodham Clinton, D-N.Y., has urged the government to carve $150 billion out of the $700 billion financial rescue package for small businesses, colleges, students and municipalities. "It is a matter of necessity and a matter of fairness: We are helping to keep large Wall Street firms stay afloat with lines of credit. We should do the same for small Main Street businesses as well," Clinton said in a letter seeking to establish an Emergency Stabilization Fund. Newsday (Long Island, N.Y.) (10/8)

Best Practices

Why you want video on your Web site
Video can do more than just enliven your home page. Here, according to the CEO of Fliqz.com, is how adding clips can improve your Google rankings and draw traffic, if you do it right. AllBusiness.com/The Small Business Blog (10/2)

Reviewing insurance policies may cut costs
The Insurance Information Institute recommends that small-business owners review their policies when looking for ways to reduce spending. Business owners should compare prices offered by a variety of insurers and look for price breaks through professional associations. InsuranceNewsNet (10/7)

Succession planning helps Ohio firm continue to thrive
GFS Chemicals in Columbus, Ohio, is one of a few family-owned businesses that succeed through a third generation. CEO J. Steel Hutchinson said his parents developed a plan early that would allow him to buy out his siblings when the time was right to make sure the management structure was free of disinterested minority owners. GFS' success is rare, according to Jack Pounds, president of the Ohio Chemistry Technology Council, who says that few of the hundreds of small chemical companies that were founded from 1900 to 1930 have been able to survive. American City Business Journals/Columbus, Ohio (10/8)

Regulatory & Legal

Small-business owners unaware of self-insurance risks
A new Opinion Research study indicates that small-business owners may not be aware of the risk involved in signing up for insurance protection through self-insured groups. Seven self-insured funds failed in New York this year, and the cases of failed groups in Tennessee, Kentucky and California are in the courts. American City Business Journals/Raleigh/Durham, N.C. (10/8)

NFIB News

Business switches alliances to befriend likely winners
Business groups, now watching Republicans losing ground as the November elections approach, are switching support to Democratic candidates they hope will support their causes next year. NFIB, which normally supports the GOP, has backed more Democratic candidates than in recent years. The Hill (10/7)

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