by Jennifer Farnsworth
High fashion has come to Lake Luzerne thanks to Cre Whitty, owner of the designer thrift shop Cre’s Closet.
The business, which opened late fall, is filled with brand name women’s apparel and accessories.
Whitty said her entire life has had a connection to the fashion industry, beginning with her mother, who was a designer in Manhattan in the 1960s and 1970s. Whitty herself worked in the city during the 1980s and it was then that she fell in love with the concept of thrift stores.
She moved to Lake Luzerne a few years ago. When the opportunity presented itself to start her own thrift shop, she said she knew it was time to take it.
Company Owners Should Develop Business Plans That Reflect Their Vision for Future
By Susan Elise Campbell
The fourth quarter of any fiscal year is a busy time for CPAs. But this year, advising clients is posing more than the usual challenges.
“It has been the busiest year-end in 10 years because of uncertainty with taxes and the economy,” said Paul A. Curtis, CPA, a founding partner of CMJ, LLP in Queensbury. “Our firm was in a rush to close business sales because the new administration is thinking of eliminating the maximum 20 percent capital gains rate and raising personal income tax rates.”
“A company that has grown to a million dollar business pays $200,000 under the current tax code but may have a $400,000 tax bill if they wait to cash in next year,” he said, which is why CMJ closed six major transactions in December. Uncertainty scares businesses to death.”
“It is difficult enough for CPAs to get out of 2020, much less plan for 2021, when passing laws pertaining to deductions, depreciation and taxes is delayed,” said Laurie A. Stillwell, a CPA in Saratoga Springs.
“My biggest fear professionally is that it is difficult to advise clients on how to move forward from a business and personal tax perspective,” she said. “I have never been busier, but I want to be proactive and that is nearly impossible.”
Technological Innovations Will Continue To Revolutionize Functions In Every Day Life
By Stephen Kyne, CFP
There is an old curse that reads, “May you live in interesting times.” I think we can all agree that we are certainly in interesting times. From the pandemic and the economy, to the political climate, 2020 (and so far, 2021) will long be remembered as a consequential year. The question now: Where do we go from here?
2020 was a tale of two economies. Small businesses experienced a very different reality last year than large businesses. We all know local business owners who are struggling, or who have gone out of business, altogether. We know service sector workers whose financial lives are in complete collapse. Yet, on the other side, many large national businesses are booming. It’s a travesty, and our hearts go out to those suffering.
Things will get better.
For investors who stayed invested during 2020, it turned out to be a surprisingly positive year, especially in the technology sector.
Business Report: Strategies For Strengthening Your Business
By David Cumming
As a small business owner, you are playing a big role in driving our nation’s economy. According to the U.S. Small Business Administration, small businesses create two out of every three net new jobs in the private sector. Currently, there are over 30.7 million small businesses in the U.S., accounting for 47.3 percent of all U.S. employees.
If you’re like most entrepreneurs, you wear many hats, including overseeing the finances of your business. Each day, you face critical decisions that may have an enormous impact on the future success of your company. Questions about day-to-day cash flow, attracting and retaining talented employees and balancing finances at work and at home are just some of the challenges you must consider as you grow your business.
Every business is unique, but the five critical strategies for strengthening a business for long-term growth are the same.
1. Managing cash flow
Having an effective cash flow strategy can assist you in keeping your finger on the pulse of how quickly and effectively cash is moving in and out of your business, while also working to enhance the yield on your short-term assets. You’ll also need skills and resources to address a broad range of credit structures.
2. Protecting your assets
Unforeseen events can jeopardize the value of your business. What if something happens to you, or another person who is critical to the success of the business? Or what if you get sued?
Outlook 2021 – Michael Bittel
By Michael Bittel
As we leave 2020 and move into 2021, I believe that everyone in our beautiful region came to the same conclusion, we need each other more than ever. We have been blessed to see and experience collaboration on a scale not seen in our lifetime. Through adversity has come strength, caring and support.
These characteristics not only will continue to get us through this pandemic, but it will carry us to new heights as we look forward into the year 2021.
Let us remember all of the businesses and families effected through temporary or permanent shutdowns of their livelihood. With small businesses being the backbone of our region, this past year has had a profound effect on many long-time businesses, their employees and their families. There are also many businesses who are still open, but whose sales are a fraction of what they once were.
This year brings in a new wave of challenges. Challenges like how fast the vaccine will be distributed. When will we fully open again as a society and economy? How will shortages in sales tax revenue and lower income tax revenue effect local and state government spending in 2021? What regulations will be here to stay or be rolled back once we fully open again?
The year 2021 will also usher in a new wave of opportunities. Opportunities in the form of there being a lot of money on the sidelines. Bank deposits are way up year over year.
Outlook 2021 – Doug Ford
By Doug Ford
As I prepare to write this article regarding the construction outlook for 2021, I can’t help but think about all that has transpired since I wrote last year’s column. At that time, no one could have predicted what lay ahead just a few short weeks after the story went to print.
As we move into this much anticipated new year, many of the challenges I outlined for 2020 still exist and have only become more complicated due to COVID-19. Despite all the obstacles the construction industry endured, they stilled fared better than most. In the Northeast, and even closer to home, construction has been strong throughout the pandemic, in part driven by new home construction and remodeling.
Unfortunately, we cannot look forward without at least looking back briefly. It all started in March when the COVID-19 infection rates escalated and Gov. Cuomo shutdown construction for the entire state, lumping Upstate New York in with New York City.
Most industry affiliated organizations and legislators understand that upstate and the city are very different so much debate ensued to handle them differently. As a result of being shut down, most of the skilled laborers were laid off and joined many others in the unemployment pool. There were several weeks of uncertainty as builders and remodelers tried to make sense of what was unfolding in front of them.
Outlook 2021 – Kenneth J. Entenmann
By Kenneth J. Entenmann
This past year was an interesting one, to say the least. Though some may prefer to use other adjectives to describe 2020. COVID-19 provided a vast disruption of economic activity, with U.S. GDP declining 31.7 percent in the second quarter.
However, the U.S. economy demonstrated remarkable resiliency and rebounded 32.7 percent in the third quarter. While the economy continued to grow in the fourth quarter, activity did slow, particularly in the labor markets. It is estimated that the full year 2020 U.S. GDP will decline around 3-5 percent.
As we flip the calendar to 2021, great uncertainty surrounding COVID-19 remains. Nonetheless, our 2021 economic outlook remains optimistic.
There is no doubt that the COVID-19 economic disruption has endured longer than most anticipated. The hope of a short duration event prompted by the quick “flattening of the curve” in the spring soon dissipated as COVID spiked in the summer and again during the holiday season. Portions of the country remain in lockdown with severe economic consequences.
However, the vaccines are slowly making an impact and it is widely expected that the vaccination process will accelerate. This provides hope that a return to economic normalcy is coming although the timing is still uncertain. COVID will negatively impact the economy at least through the first quarter, probably into the second. However, the economy is poised for a very strong second half of the year.
Outlook 2021 – Thomas Albrecht
By Thomas Albrecht
Most would agree that looking in the rear view mirror would be a very nice way of saying goodbye to 2020. It has created some unprecedented challenges.
However finding ways to be creative and staying positive has carried us through the year. The challenges include COVID-19, material shortages and the escalation of material cost.
The year was very promising in the building industry back in February with many projects signed for. Then along came the virus. We took the approach to follow CDC guidelines, which wasn’t received by everyone very well. Most have conformed over time.
The saving grace for Hilltop included having four essential projects under construction, which allowed us to keep about 75 percent of our workforce. Another blessing was the Payroll Protection Plan that helped with paying employees whether they worked or not.
There have been a number of things that have altered the construction process including employee shortages. There is a lack of those who would like to join a construction team and to make it a career choice. This has been a problem for a couple years and continues to be as we move forward.
As we continued through 2020, unexpected surprises included lumber shortages where one might expect to pick up some common items, only to find out that they are back ordered.
Shortages lead to a major increase in material costs. Some items increased as much as 30 percent, which made it difficult to maintain profitability.
2021 Outlook – Jim Siplon
By Jim Siplon
As we say farewell to 2020 and put a year like no other in our rear-view mirror, we are taking some time to recognize the opportunities, as well as the challenges, that are emerging from the most challenging year in recent history.
As the leader of strategic economic development in Warren County, the Economic Development Corp. is proud to be positioning local businesses and municipalities for success in a post-COVID world. Our mission has always begun with attracting, retaining and growing business in our county and has expanded with the advent of the pandemic to include several additional roles fundamental to our long-term economic vitality.
Our business community has demonstrated remarkable resilience and strength. Our large manufacturers have largely weathered the storm and have done all they can to contribute to supporting the community’s needs during this crisis. The medical device industry, paper and general manufacturing have shown that resilience.
Our hospital and healthcare entities, led by Glens Falls Hospital and Hudson Headwaters, have been heroes and leaders providing us all with priceless care and support. The locally produced documentary “Behind the Mask,” available on YouTube, provides a glimpse to that remarkable work and is worth watching for all to appreciate the remarkable work of our medical community.
Our small businesses have struggled but many have persevered, working diligently to modify their business practices almost daily to stay afloat. Our tourism economy, in particular, rallied together with a collation of public and private leaders to rebound beyond expectation.
Outlook 2021 – Mark Shaw
By Mark Shaw
Over the past few years, we have discussed several different yearly topics on what to watch. In 2018 we discussed everything as a service. Servers, email, everything heading to the cloud. This was a long discussion on how to change your current hardware and software spend from a capital expense to a monthly service model.
In 2019 we talked about security. Why it’s so important and why doing the basics is the most critical thing you can do for your business. Employees are firm’s biggest asset and weakest link. Starting with a plan that allows you to help educate and train your team is the first step in Cyber Security 101.
And finally, last year in 2020, we discussed how your cyber security company should NOT be your internal or external IT resources. They hold different functions, require different skills, and much like in accounting – one person should not have all the keys to the financial kingdom. This is not dissimilar from your technology.
Now in 2021, everything is coming together. All the technology changes that we have been preaching since 2018 are culminating into this great “work-from-home” event called COVID-19. The slow pace of migrating your environment to the cloud and educating on security separating business functions in technology, have been thrust into the spotlight of the current pandemic environment.
If your business has not been following the technology path as quickly as you would have liked and you are stuck with the pain of servers in an office, an office you might not need anymore, then now is the time to consider the move to the cloud. This guidance in 2018 is still a path that is viable today.