By Andrea Harwood Palmer
A business that lets people participate in the sport of axe throwing has opened at 870 Route 9 in Queensbury.
Steve Greene and his wife, Kristen, opened Adirondack Axe in December.
“The response has been really positive,” said Greene. “We’ve had some repeat customers even in just the few weeks we’ve been open.”
Greene and his wife are originally from the area. They lived in Virginia for five worked he worked for the Great Escape theme park there.
By Susan E. Campbell
As a new year arrives, many company owners review their business plans to make sure every financial decision, marketing program and staff member remain aligned with their company vision.
“Most of the time a business plan is stuck in a drawer and only revisited when the owner needs something, such as a loan,” said William Brigham, director of the Small Business Development Center of the University of Albany School of Business.
“We see a thousand businesses a year from 11 counties, and people would be surprised by the lack of a formal business plan,” said Brigham, who has been with the nonprofit organization for 20 years.
Financial advisors agree that a solid business plan is at the heart of a company’s success. Some aspects of the planning process are commonly overlooked or under-emphasized, according to local professionals who shared some tips for keeping companies on point, especially this time of year.
By Meghan Murray
Now that we’ve closed the book on 2019, it’s officially tax season. As you prepare your tax returns for the April 15 deadline, you might already start looking for opportunities to improve your tax-related financial outcomes in the future.
One important step you can take is to connect your tax professional with your financial advisor.
Together, these professionals can help you take advantage of some valuable strategies:
• Roth vs. traditional IRA. If you’re eligible to contribute to a Roth IRA and a traditional IRA, you might find it beneficial to have your financial advisor talk to your tax professional about which is the better choice.
Generally, if you think your tax rate will be higher in retirement, you might want to contribute to the Roth IRA, which provides tax-free withdrawals (if you’re older than 59½ and have had your account at least five years).
For entrepreneurs and freelancers who struggle with quarterly taxes, help is here. AARP Foundation has launched AARP Foundation Self-Saver, an online resource and iOS app that enables the self-employed to anticipate and manage large expenses such as taxes.
Self-Saver is an all-in-one tool 1099 earners can rely on to calculate taxes, itemize expenses, automatically withhold the right amount of tax and submit quarterly filings to the IRS. The convenient, streamlined process makes it easy for users to get a handle on self-employment taxes.
By Jeff Mead
In 2014, a group of local business people, community leaders, and civic leaders thought the Glens Falls Civic Center was too important an asset to Warren County and Glens Falls to allow it to close. The arena drew about 150,000 people each year to its hockey games, concerts, basketball games, and graduations.
Events at the arena drew thousands of people downtown weekly that also eat dinner, have a drink, or shop at the local retail stores. The arena was a driving force in bringing people into Warren County and Glens Falls.
Fast forward to 2020, the Adirondack Civic Center Coalition has signed another five-year lease with Glens Falls to operate the Cool Insuring Arena. Over 225,000 people attended events in 2019, highlighted by another Adirondack Thunder playoff appearance and the exploits of the Glens Falls High School Basketball team winning the 2019 Section II basketball tournament and the Federation Basketball Tournament of Champions.
By Brian Stidd and Susan Hedge
We have closed out a decade that started just after the global financial crisis of 2008. Following the 2008 crisis, the U.S. economy started and ended an entire decade without entering a recession. However, the sidestep of a recession was accompanied by slower economic growth compared to previous booms. So, what does this mean for the start of a new decade?
Gross Domestic Product (GDP)
The Bureau of Economic Analysis (BEA) uses real GDP to measure the U.S. GDP growth rate. Real GDP takes out the effect of inflation. Even though the growth rate is reported quarterly, the BEA annualizes it to be able to compare growth to the previous year. According to the Bureau of Economic analysis, a healthy economy grows at a rate between 2 and 3 percent annually.
According to the most recent forecast released at the Federal Open Market Committee meeting on Dec. 11, 2019, the GDP will slow to 2.0 percent in 2020 and will be 1.9 percent in 2021.
By Mark Shaw
Technology in 2020 is going to be summed up in one word: security. Everything from the latest news with Iran to the multitude of private businesses, as well as public entities like towns and city governments will be consumed by technology and its security.
Security was brought to light by the target level hacks and has filtered down to every local town. Cyber criminals are focusing more and more on smaller and smaller targets.
Why? Because they are easier to attack, they have less support to deal with it and they are often a gateway to a larger number of targets.
Take your local HVAC heating and cooling provider for example. They could be a small business making under one million dollars a year, but they have access to technology they have installed in many major firms. Every hospital, government agency and business in the region depends on their technology to keep their employees warm in the winter and cool in the summer.
By Doug Ford
The construction industry, both nationally and locally, took on a variety challenges this past year, many of which will likely continue to have an impact in 2020.
Despite these difficulties, the industry did well overall. While there are favorable signs of continued growth in the industry, there are still fears in the marketplace that have caused some to proceed with caution.
The biggest single factor, without question, is the lack of skilled labor. This one issue is dramatically influencing how many homes will be physically built in 2020. The skilled labor shortage, combined with an aging workforce and the influx of inexperienced workers, are contributing to the challenges already existing within the industry.
In a national survey produced by Autodesk and the Associated General Contractors of America (AGC) in 2019, 77 percent of construction firms in the Northeast report they are having difficulties filling hourly positions that represent the bulk of the construction workforce.
By Thomas Albrecht
Its hard to talk about exciting and important topics like the boom in construction or consumer confidence, or what the Baby Boomers and Millennials want, when the demand for skilled construction related jobs are at an all-time high.
If you look back at the last five years, I have mentioned the coming of a crises. Well, here we are 2020, and secured construction projects are outpacing the number of employees currently in construction and those entering the trades.
NAHB (National Association Home Builders) Chief Economist Robert Dietz noted in his blog that the open positions rate dipped 4 percent in October, after reaching a cycle high of 5.5 percent in April. Furthermore, Dietz said the overall trend for opening construction jobs has been increasing since the end of the Great Recession, matching NAHB and other survey data showing access to skilled labor remains a top business challenge for home builders.
By David Kopyc
I’ve been fortunate to have been in the financial services business for over 35 years. I saw the Dow break 2000 for the first time and every major event since. Flash crash, internet melt down, financial crisis etc.
I’ve always resorted back to the individuals that I feel are the backbone and the individual financial pillars of our industry: Peter Lynch (Fidelity), Jack Bogle (Vanguard), Charles Schwab (Schwab Investments), and Warren Buffet (Berkshire Hathaway).
If you remember about one year ago, the markets were in high anxiety and most of the wall street experts were predicting doom and gloom. We were heading for a recession and the stock market was positioned for a major pullback. We are having an exceptional year in the markets and the same experts that were wrong about this year are pretty optimistic for 2020.