Category Archives: Business Reports

Business Report: Sustainable Energy Saving Options

September 11, 2019September 12, 2019

Lee Evans, partner with ReWire Group LLC energy advisory firm in Saratoga Springs.

By Lee Evans
Running a household or a small business can be expensive. However, many people don’t consider the choice and control they have over their energy expenses.
Now the emerging green economy combined with high connectivity has given birth to a bold new era of energy saving options for everyone. What follows is a list of essential, straightforward items that both homeowners and businesses can check off to trigger the type of cost reduction they’ve always wanted in terms of energy efficiency and renewable energy.
In general, the three main steps you can use to unlock the maximum amount of energy savings for your home or small business: Reduce, electrify and replace.
Reduce. This means that you should first take steps to audit and then lower your energy consumption by completing individualized identified Energy Conservation Measures (ECMs). For example, switch to automated thermostats, LED lighting and controls, increase air sealing and insulation, reduce electricity or fuel use especially for heating and cooling requirements. A review of third-party fuel supply options for potential cost reduction is available at merited.www9.nationalgridus.com

Business Report: Homebuyers Should Get Chimney Inspection

September 11, 2019September 12, 2019

Jamie Wallace is the owner of Chimney Heroes of Saratoga Springs.

By Jamie Wallace
People considering buying a home should not neglect getting a chimney inspection.
Here are five reasons why.
1) Chimneys are one of the most neglected structures in a home
Did you know that very few chimneys that vent a furnace or fireplace have ever been professionally inspected? The National Fire Protection Association (NFPA 211) is the national standard for chimneys and vents and states that a chimney shall be inspected annually. A chimney is always under attack by corrosive flue gasses which wreak havoc on its flue liner.
The average gas furnace is pushing out about one gallon of water vapor through your chimney every hour during freezing temperatures. A chimney also rises above the roof line, making it the most exposed part of a structure to the elements. Yet, it is estimated that less than 10 percent of all chimneys have been professionally inspected. That’s a staggering number of potential carbon monoxide and fire hazards virtually unseen to the homeowner.
Don’t inherit someone else’s damaged chimney. This is preventable through a Level 2 chimney inspection by a certified chimney company.

Business Report: Don’t Make Estate Plan A Family Secret

August 15, 2019August 16, 2019

Debra Verni, principal of the Herzog Law Firm in Saratoga Springs.

By Deborah Verni
Only about 40 percent of adults in America have a will, which may not be entirely surprising. No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once they’re gone.

Many people are uncomfortable discussing how they will distribute their estate with their children. Perhaps you don’t want your children to realize how much they may receive after your death. Or you may think your choice of heirs could change in the future.

However, if you don’t discuss your estate plan, disagreements and conflicts could erupt once the details of inheritances are revealed. For instance, siblings may resent each other if distributions are not equal. Children may resent a spouse from a second marriage if they feel that spouse is using up their inheritance.

At that time, you won’t be able to explain your thoughts and wishes regarding the distribution of your estate.

Discussing your estate plans will give you an opportunity to inform your children about the distribution of your estate and why you decided to do it in that manner. You can go into specific detail, informing children how each asset will be distributed, or you can give a general overview of your estate plan.

If you have selected one child as executor or trustee, explain why you chose that individual. As an alternative, you can leave a personal letter with your estate planning documents explaining these items.

Business Report: Plans For A Successful Retirement

August 15, 2019August 16, 2019

James E. Amell is director, Marvin and Co., PC, CPAs in Glens Falls.

By James E. Amell, CPA
Though not certain like death and taxes, most individuals strive for an enjoyable, comfortable retirement that lasts a number of years.

To accomplish this goal when life expectancy at age 65 may exceed 20 years requires thoughtful consideration and planning years in advance. I recently hosted a webinar, “Planning for Retirement/Social Security Update,” where I reviewed how to budget your retirement spending, including income taxes, and determine your income and asset needs.

I also explained in detail how Social Security works so you can better understand how to plan for this important source of retirement income.

There are several steps to undertake to ensure the retirement lifestyle you desire, the earlier you start the better, but certainly no later than five years prior to planned retirement.

First, consider your retirement “vision.” Do you have hobbies and interests that you will pursue and fill your time? Do you want to travel? Relocate? Go south for the winter? Do you have social activities, volunteer and community involvement? And last, but not least, how is your health and your family health history?

Your retirement vision can significantly influence your annual expenditures.

Business Report: Changes To NYS SEQRA Regulations

August 15, 2019August 16, 2019

Sarah Lewis Belcher is senior counsel with Bond, Schoeneck & King.

By Sarah Lewis Belcher, Esq.
Anyone who has undertaken a project in New York State since 1978 has at least some familiarity with the state Environmental Quality Review Act (SEQRA). All state and local governments must comply with SEQRA by considering the environmental impacts of projects before they are approved.

So, if your project must be approved by a governmental entity, the SEQRA process must be completed.

The regulations implementing SEQRA were recently revised by amendments that took effect Jan. 1. These were the first amendments since 1996 and will change the landscape of SEQRA review in some significant ways that projects applicants should understand.

The SEQRA process differs depending on how a project is classified. A Type I project requires a Full Environmental Assessment Form (FEAF) and if, based on that form, the project is likely to have a significant adverse impact on the environment, an Environmental Impact Statement (EIS) must be prepared. Type II projects are not subject to the SEQRA process, so the time to obtain governmental approvals can be substantially reduced.

Business Report: 3 Imperatives of Strong Leadership

July 15, 2019July 15, 2019

Michael Cruz, president of Lighthouse Advisors LLC in Queensbury.

All leaders wonder how they can get more from their people. The basics are not hard. The execution is.

First, leaders need to have a vision for their business. They need to have a plan for where they are going. How they will serve their customers. They need to help everyone know first thing first. In short, they need to help set priorities. People who work in companies need to know what to do – when you are not watching!

In order to achieve your priorities, you need the right people. You need strong players. Which means you need to hire well. That means that you have to hire for the right traits. Traits include soft skills like the ability to make good decisions and perform that extra service. Sell the customer the right products. And, help your customers be happy. Break down what you think success is and train and coach people to get there. You need to remove bad employees. Toxic ones. The ones who bring the rest of your team down. You probably believe you cannot afford to lose anyone. But getting rid of toxic people saves everyone else!

Business Report: Office Space Design Tips

July 15, 2019

Dorothy Rogers-Bullis is owner and president of drb Business Interiors in Saratoga Springs.
©2019 Saratoga Photographer.com

By Dorothy Rogers-Bullis

Your business’s physical space says a lot about you, speaking volumes about your company culture and priorities. If you strive to attract and retain top talent within your organization, you must ensure your workplace is designed to meet those employees’ needs—offering an attractive, ergonomic, efficient space that is tailored to each person’s job function and personal work style.

If you are interested in updating your workspace, but you don’t know where to begin, here are a few of the top new trends we are seeing in the office design industry.

Standing to work

With more research coming out about the health issues associated with prolonged sitting—from neck and back problems to higher rates of obesity—the sit-to-stand desk is a top trend in the workplace. These adjustable-height work surfaces offer the flexibility to perform work in either a sitting or standing position, improving ergonomics.

Business Report: Pets In The Workplace

July 15, 2019July 15, 2019

Rose Miller is president of Pinnacle Human Resources LLC.

By Rose Miller

While in Pennsylvania on business, my husband and I stayed at a “pet friendly” hotel. Second day in, my husband commented that he feels his life has gone to the dogs because we found ourselves eating and sleeping with dogs.

Instead of waking to a crying baby, we awoke to a whining and barking dog needing to be let out. There is a pervasive trend in American society to place the same importance on pets as they do for a human family member. In fact, we hear people instantly complain when young children are in the room, yet there seems to be a greater tolerance for animals.

There is a growing demand for pet-friendly policies in today’s workplace. Companies are dealing with mandated leaves for family caregivers and “pet parents” desire the same type of leaves for their pet responsibilities. A study conducted by the American Pet Products Associations found that 17 percent of employers had pet-friendly policies.

They include: bringing pets to work; furternity (leave for the birth or adoption of a pet); and pet bereavement leave.

Business Report: Tools Great For Father’s Day And Investors

June 13, 2019June 14, 2019

Meghan Murray is a financial advisor with Edward Jones Financial in Queensbury.

By Meghan Murray
If you’re a dad, you may well be pleased to unwrap some tools as Father’s Day gifts. Of course, it might be a stereotype that all men are handy at repairs; women certainly can be every bit as good when it comes to building and fixing things.
In fact, the construction process is valuable for anyone to learn – and the same skills that go in to creating and mending physical objects also can be applied to financial projects – such as working toward a comfortable retirement.
Here are a few of those skills:
Diagnosing the challenge.
A good craftsperson knows that the first step toward accomplishing any outcome is to assess the challenge. So, for example, if you want to build some bookshelves right into the wall, you’ll need to locate the wall studs, determine if you have adequate space for the shelving you want and allow room for future expansion.

Business Report: The Right Health Insurance For Your Needs

June 13, 2019June 14, 2019

Stephen Kyne, CFP, partner at Sterling Manor Financial in Saratoga Springs.

By Stephen Kyne, CFP
Life insurance can be an important part of your financial plan, but do you know what kind of insurance is right for your needs? Insurance comes in many forms, and many people have the wrong type of insurance, and aren’t insuring their need in an efficient way. That means they may be needlessly overspending.
There are two basic types of life insurance: permanent and term. We’ll discuss each of these, how they may be best used, and how not to use them.
Term insurance is temporary, and is intended to cover a temporary need. You can buy a policy which covers a duration from one to forty years. These policies typically include a level premium for the duration of the policy, so they are easy to budget since the premium will not increase during the term.