Financial News

Small business owners battling through downturn

Posted in: Cash Flow, Financial News
January 5, 2009
Many small businesses are holding their own against the current recession.
Despite the tightened credit market, a significant number of small business owners have so far managed to avoid any negative impact from the recession.

That's according to a new survey by payroll firm SurePayroll, which found that almost four out of ten small businesses had not yet experienced any adverse effects in spite of the current economic downturn.

"Main Street is doing better than most people think," said SurePayroll president Michael Alter.

Staffing companies under pressure as economy bites

Posted in: Financial News, Staffing Companies, Manufacturing Companies
January 5, 2009
Many kinds of companies are feeling the pinch of a tough economy.
Cash flow may be tighter than usual at staffing companies as the tough economy continues to bite into 2009.

The jobs market took a battering toward the end of last year as the effects of the recession sharply took hold.

2,328 layoffs involving more than 50 persons from a single employer occurred in November, according to figures from the Bureau of Labor Statistics. That represented an increase of 188 on the previous month.

Economy: Obama urges swift action

Posted in: Cash Flow, Financial News
January 5, 2009
The economy will be at the top of President-elect Obama's agenda in a few weeks.
Swift action is necessary to avoid an even deeper downturn in the national economy, President-elect Barack Obama warned this weekend.

America faces great and growing challenges, Obama stated in his weekly address to the nation ahead of his inauguration later this month.

Nearly two million Americans have lost their jobs this past year, according to the incoming president.

Credit squeeze hurting business owners

Posted in: Financial News, Lines of Credit
December 31, 2008
Credit conditions have yet to improve for many businesses.
Small and medium sized businesses continue to feel the pinch of a tightened credit landscape as the economy heads into a tricky 2009.

One sector badly hit is trucking, with its direct exposure to reduced economic demand from consumers and businesses alike.

Small business program slated for expansion

Posted in: Financial News, Successful Strategies
December 31, 2008
Inner city entrepreneurs will get a boost from the federal government soon.
A program designed to assist small business owners in the inner city is set to expand next year.

The Small Business Administration's Emerging 200 initiative takes participating executives through "an intensive and comprehensive program," intended to share expertise, develop confidence and facilitate networking opportunities.

Oil services firm in acquisition move

Posted in: Financial News, Oil and Gas
December 31, 2008
Oil and gas companies can still make strategic moves if they have the right financing.
Oil services company Allis-Chalmers is buying up remaining shares in BCH, a Canadian oilfield enterprise with operations in Brazil.

Houston-based Allis said ensuring cash flow stability was an essential driver of the decision to acquire the firm outright at a cost of $5million.

BCH is responsible for contract drilling operations in the South American country, operating seven drilling rigs and one workover rig.

Biden defends recovery plan

Posted in: Financial News
December 29, 2008
Joe Biden is coming to the defense of the Obama economic plan.
The new administration's recovery plan for the flagging economy will prove no white elephant, Vice President-elect Joe Biden insisted this week.

Fiscal stimulus measures designed to be unveiled in the early days of the Obama-Biden administration will be effective and subject to the necessary accountability, he told a panel of top economic advisors in Washington.

Business outlook downbeat despite flickers of hope

Posted in: Financial News, Successful Strategies
December 29, 2008
Few business owners are expecting an immediate economic recovery.
Small business owners remain gloomy about the outlook for the economy, although the mood might be lifting slightly compared with previous months.

That's the finding of the latest Discover Small Business Watch survey, which says nearly seven in ten respondents expect the economic recovery to take at least 12 months.

The survey’s index of business optimism remained down at 72.8 - although up 5.3 points on November, the lowest point in its 29-month history.

Federation calls for sales tax holiday

Posted in: Cash Flow, Financial News
December 26, 2008
Retailers are calling for a national sales tax holiday to try to spur consumer spending.
President-elect Barack Obama is being urged to introduce a national holiday on sales tax when he comes to office in January.

That's the call from the National Retail Federation, which hopes Obama will roll out his much-touted fiscal stimulus plan "with great speed" following his inauguration on January 20th.

Under the NRF proposal, a ten-day period during March, July and October next year would see all goods - with the exception of tobacco and alcohol - exempt from normal sales tax.

GDP decrease reflects struggling economy

Posted in: Financial News, Lines of Credit
December 26, 2008
Companies of all sizes continue to struggle in the current economy
U.S economic output shrank in the third quarter of 2008 in further evidence of the tight trading conditions faced by many small and medium-sized businesses as the year nears its end.

Gross domestic product - which calculates the output of domestic goods and services - fell at an annual rate of 0.5 percent during the third quarter of the year.
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