Gary Stockton is a Senior Manager of Content Marketing at Experian Business Information Services. He is charged with spreading awareness through content marketing for Experian thought leadership content in addition to leading social media and community building efforts.

This is a description This is my second descriptions

-- Gary Stockton

All posts by Gary Stockton

Loading...

Tax season is upon us and business owners want to minimize their 2018 tax bill to the extent allowed by law. Fortunately, there is considerable flexibility on tax returns to cut taxes and be better positioned for 2019.  BBVA Compass and Experian have teamed up with bestselling author and small business tax expert, Barbara Weltman for a special small business tax webinar geared toward business owners who want to save on their taxes. EVENT DETAILS: Date: Tuesday, February 12th, 2019 Time: 8 a.m. (Pacific)  10:00 a.m. (Central), 11:00 a.m. (Eastern) Saving on Taxes for Business Owners Now Some of the highlights we will discuss: Making smart tax elections Deciding on retirement plan contributions Figuring estimated taxes for 2019   hbspt.cta.load(464374, \'dceba17b-53ae-4aa2-b7d8-b763a673eafb\', {}); [hubspot type=form portal=464374 id=0b178fe9-d832-4ea4-91e2-064a2f313bb2]

Published: January 15, 2019 by Gary Stockton

Veteran entrepreneurs have always been at the core of American business owners. In May of this year, Experian conducted a series of interviews with veteran business owners and found that the skills and values learned while serving their country naturally prepared them for entrepreneurship. Of those skills and values were leadership, adaptation, discipline, and perseverance. Recently, the New York Federal Reserve Bank, in conjunction with the U.S. Small Business Association (SBA), released a detailed report about veteran business ownership and found that the number of veteran entrepreneurs is declining. With historical numbers revealing strength in veteran entrepreneurship, what are the reasons for the sudden decline? The U.S. Small Business Association (SBA) reports in a series of surveys, 36% of veteran entrepreneurs had no prior interest in business ownership before their military service. Because of the training and experience of serving in the military, veterans seem to be well-fitted for entrepreneurship. According to the Institute for Veterans and Military families, of those who returned home from prior wars, 49.7% of WWII vets and 40% of Korean War veterans started their own businesses. The U.S. Bureau of Labor Statistics also reports that the highest rates of self-employment were those who served in World War II, Korea, and Vietnam. Veteran business formation declining In a 2011 report, however, the U.S. Small Business Association noted a decline in veteran entrepreneurs and began to look deeper into determining factors. Part of the reason was that the older generation was aging out of the workforce. Since 9/11, only 4.5% of veterans have opened businesses, clearly emphasizing that the rate of new veteran entrepreneurs is in steady decline. Also of note, compared to non-veteran-owned small businesses in any industry, veteran-owned companies with 1 - 4 employees seem to be underperforming in sales. Larger veteran-owned businesses, with 5 or more employees, actually outperform non-veteran owned businesses. Does this reveal that newer, veteran-owned small businesses seem to have more challenges than veteran entrepreneurs of decades past? Factors in the decline of veteran entrepreneur success Recent years have seen many corporate initiatives that encourage veteran hiring and could be contributing to the decline of veteran entrepreneurs. The New York Fed’s report on veteran entrepreneurship notes, however, that veterans are underemployed compared to non-veterans and nearly of quarter of returning vets would like to start businesses. Further details of the report reveal that veterans long to “forge their own path” and “showcase skills”. The challenge for many veterans is the lack of a strong business or personal network with which to begin their new ventures. Because they’ve been away and typically relocate fairly often, the lack of social resources could be a factor in the decline of new veteran-owned businesses. The Federal Reserve Bank analyzed data and Small Business Credit statistics of veteran and non-veteran business owners and found that the biggest factor affecting veteran entrepreneurs is access to capital. Small business access to capital According to the New York Fed Small Business Credit Survey, the firms surveyed had less than 500 employees and were asked about their business performance and financing needs. If more than 50% of the business was owned by a veteran, they were referred to as veteran-owned businesses. The report found that the need for small business financing was similar between veteran and non-veteran owned businesses.The difference was that veteran-owned businesses submitted more applications and reached out to banks large, small and online. Even with the greater number of applications and the variety of lenders, veteran-owned businesses typically obtained less financing and saw lower approval rates than non-veteran owned businesses. During a time of economic recovery (2010 - 2017), the SBA loans to non-veteran owned businesses increased to 82% as compared to 48% for veterans, even with relief programs set aside for veterans. Veterans also seem to be asking for smaller loans, something that also affects women business owners’ access to capital. Larger banks are less likely to approve loans under $100K. Because of the frequent traveling and working overseas, some veterans are also struggling with building solid credit or having collateral. As they’re seen as higher risk, some lenders aren’t willing to take the chance. Veterans are still asking for help Even with these challenges and barriers to capital, veterans are seeking out assistance from the SBA and other resources to grow their small businesses after they have been denied capital. With common traits of strength and self-reliance, veteran entrepreneurs may be starting businesses before they’ve met with financial and business advisors. More preparation and knowledge about which lenders would better meet their financial needs and how to prepare for credit and collateral requirements could be helpful for veteran business owners. The New York Fed report suggests for several recommendations for policymakers to help veteran business owners including: Easier debt financing Mentorship Awareness and marketing To learn more about the challenges faced by veteran entrepreneurs and how to help, access the New York Federal Reserve Bank report here. hbspt.cta.load(464374, \'45dcab7f-d5d6-4c2d-9b87-ac75916d0d1a\', {});

Published: December 17, 2018 by Gary Stockton

In this guest post, Experian invited Alan W. Silberberg, Founder and CEO of Digijaks, a boutique Cybersecurity company, to share his views on how small businesses are vulnerable to cyber attacks, and some best practices every small business should adopt to protect their businesses.   In 2017 61% of small businesses in the United States suffered some kind of cyber attack according to a report by Ponemon Institute. This number reflects an over 50% increase year to year in cybersecurity assaults on U.S. small businesses. There are many reasons why small businesses need cybersecurity — privacy,  client trust, financial integrity, employee integrity, data integrity and the longevity of the business. For a small business owner, the topic of cybersecurity can seem overwhelmingly complex, but a basic understanding of cybersecurity is considered table stakes for running a business in 2018, particularly a business with any kind of online presence. But even those companies without an online presence can be quite vulnerable to cybersecurity threats. Threats include attacks launched through email, SMS and voice phishing,  even insider threat attacks, or in person cybersecurity attacks. Small businesses are also very likely to suffer a reputational attack, where someone starts posting negative information in social media, websites, blog posts to harm your brand and or reputation. There are many kinds of cybersecurity tools and protocols available to the small businesses, and it would be impossible to boil the topic down in a single blog post.  Rather, I’d like to outline some common sense protections to have in place for your business and illuminate some tactics hackers are employing when going after an unsuspecting business. Two-Factor Authentication Two Factor Authentication and or multi-factor authentication are needed for every sign in, every banking account, every insurance account, and if possible should be defacto, Two-factor authentication can be commonly known as using a secondary password or 4 digit code to authenticate login after your username and password are entered. While many consumers know two-factor authentication as something like SMS messaging post-login, many banks, and government players are moving into multi-factor authentication or relying on non-sms delivery. Firewalls There are multiple types of firewalls, including solutions specifically for mobile devices. Generally speaking, a firewall serves as the first or sometimes the second point of response for all incoming traffic including normal and business-related data/voice data. A firewall will defend a network, a device, or both against multiple kinds of cyber attacks. This could include things like malicious code insertion, denial of service, data stuffing, viruses and potentially malicious payloads in documents. Usually, a firewall will work best when configured onto a specific network or device to the needs of that specific instance. Not using a firewall is a novice mistake since they do capture and stop a large number of certain kinds of attacks. This being said, however, a smart attacker, using social engineering and or network monitoring, even network penetration can create malicious code designed to bypass firewalls. This is why layered cybersecurity approaches to even the smallest business can reap long-term rewards. The kinds of threats facing a small manufacturer versus a small FinTech company;  are simultaneously different and the same. Each industry has specific devices, use cases, and technology that need securing in different ways. However, all small businesses need to use common sense and some basics;  like strong password rules, firewalls, https websites, two-factor authentication, encryption for both data storage and transmissions like email or website. Common cyber hacks used on Small Business Social engineering attacks, for example, account for over 50% of all cybersecurity intrusions in one form or another. This includes social media, search results, email phishing, voice phishing, SMS phishing, and link bait.   Then there is reverse social engineering, where someone learns enough about your business to be able to convince you they are the ones to solve your problems when they are really behind the hack in the first place. Social engineering attacks can occur in multiple instances. One kind might be directed at the CEO or CFO like in the “CFO Scam” otherwise known as the Business Email Compromise scam. Others can be directed at corporate websites, using fake comments, fake vendors and fake customers to deluge a small business with negative comments and create a bad vibe. Other social engineering attacks can occur through social media; with LinkedIn and Facebook especially often used to mine information about who is who, and what they do inside organizations. This can be used in good ways obviously, but also to inform attackers about potential vectors in. Social engineering can take the form of someone contacting your customer service representatives, with just enough information about a certain account, to request password changes. Or address changes. While this may be directed at a specific user or client, it affects your company directly and can result in litigation or loss of business or both. Reputation security of your brand, your key employees, and even the owner of a small business is just as important as cyber security and all business need to pay attention to external attacks that may start as, or be through search or social media. A small business might have up to date cyber security controls and protocols, but may still be open to reputation attacks. Set up Google alerts in your brand name, key employees names and your own. Monitor for any changes in search results which are often tied directly to reputation attacks.  Create a social media plan that encourages employees to not share any work-related information, and trains people how to ascertain fake accounts versus real ones. It should not take a cyber horror story to get your company investing the time, money and training to protect your business., Protecting the security of the business is viewed as a positive thing to share with investors, due diligence teams from prospective partners, and or even with your clients. All of us want to do business with safe companies, or those perceived to be that way. In fact, there is a huge incentive. Recent studies show that on average 20-25% of US companies that suffer a data breach permanently lose clients.  This number can increase dramatically if the breach is with a financial company, health care company or insurance company. So do not wait.  Educate yourself, your colleagues and your employees. Learn what kind of cybersecurity you need and how it would be implemented across your business. Do not assume you won’t be attacked. Do not assume your own business is too small or not worth a hacker’s time.  Take the necessary steps beginning with education. Then begin to form an action plan and next steps.  Want to learn more? Attend our Cybersecurity webinar Alan Silberberg will be presenting a Cybersecurity talk on December 12th, don\'t miss it. hbspt.cta.load(464374, \'71dbc120-fe39-4fb7-820b-e24cf9cac221\', {}); Resources for Cybersecurity information Here are some additional resources to consider when researching cybersecurity options for your business: U.S. Small Business Administration “Cybersecurity for Small Business” training program List of large and growing Cybersecurity companies U.S. CERT Cybersecurity Resources for Small Business U.S. Homeland Security Cybersecurity Resources for Small Business Top Small Business Blogs + Websites for IT  

Published: November 28, 2018 by Gary Stockton

hbspt.cta.load(464374, \'56b35dba-be16-490c-8f0b-967408a50da8\', {}); The Federal Reserve Banks are conducting a national survey of existing and pre-start small business owners/managers. This survey is a platform through which small businesses can be heard. It is designed to track small business financing conditions and bring them to the attention of service providers, lenders, and policy makers. Individual responses are confidential. Summary results will be shared with you. Take the survey today! The survey closes December 8, 2018. Questions? Contact SFFedSmallBusiness@sf.frb.org. hbspt.cta.load(464374, \'1fee3d8a-8ca6-422e-9e96-e0ffab444f46\', {});     If you have problems with the link above, copy and paste the following URL into a new browser window: https://frb.co1.qualtrics.com/jfe/form/SV_3mhPesBmhBlL9l3?orgid=Experian&parentid=&reserve_bank=SF

Published: November 20, 2018 by Gary Stockton

Subscription title 2

Description

Subscription title- New Test added

Description new test added

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.