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Category Archives: Business Reports

Business Report: Insights For Commercial Properties

Posted onOctober 11, 2018October 11, 2018
Alfred Testa, vice president and senior commercial banking relationship manager, NBT Bank.

By Alfred Testa

Regardless of whether commercial property owners have one or multiple properties, are looking to acquire new property, or renovate or develop new space, financing is always an integral part of the process.

In Glens Falls, old spaces are becoming new again as a resurgence in millennials is driving new demand. In Saratoga Springs, continued growth downtown is bringing more residential development and mixed-use spaces.

Whether your focus is on multi-family housing, self-storage, mixed-used properties, office space or retail, the opportunities for commercial property acquisition remain strong. But without a good relationship with a commercial banker, getting through the process can be very challenging.

Taking time to ask questions up front could help you avoid three of the most common frustrations when it comes to commercial financing.

Local offices and local lenders

It’s important to have a banking partner that understands the market and can move through the process quickly, whether funding at closing or construction over time. Locally, NBT Bank believes a reasonable expectation is to be able to meet within a few days of the commercial property owner’s outreach to a loan officer. After that initial meeting, the application process begins, followed by bank underwriting, and ultimately a commitment letter once the bank approves the loan.

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Business Report: Corporate VPNs

Posted onOctober 11, 2018October 11, 2018

By Michael Hatalla

We often hear from our business customers that their employees are working remote or outside of the office on a more regular basis. Whether home or a local coffee shop, these employees need a safe way to access corporate data securely.

There are a few ways to accomplish this. If your company has a proper firewall in place, most will support either an SSL VPN or IPSec VPN solution.

VPN stands for Virtual Private Network. A VPN is an encrypted connection, or tunnel, between your computer and the firewall at the office over the internet. This type of connection makes it appear that the user is on their local network, regardless of their location.

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Business Report: Hiring Is About To Get Harder

Posted onSeptember 14, 2018September 14, 2018
Michael Cruz, president of Lighthouse Advisors LLC in Queensbury.

By  Michael Cruz

We are entering a period where there is very little unemployment. We are nearing full employment.

It was easier hiring the unemployed. They needed a job and you had one. They did everything possible to present themselves as the best candidate. Often, they weren’t. But, it was easy to hire people who were eager to fill your role.

For many years, I advocated hiring already employed people. When they make the decision to join your organization, they are far more committed. They had a job. They come to you because your job or company is a better place.  Hence, these hires tend to be higher performing and stay longer.

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Business Report: Hard Drive Destruction Myths Debunked

Posted onAugust 16, 2018August 16, 2018
Rob Shauger is director of sales and development at ConfiData.

By Rob Shauger

When it comes to hard drive destruction there are a lot of questions and misinformation out there. This misinformation leaves a lot of personal data vulnerable.

In fact, a recent data recovery study showed that even after attempts to wipe drives, data could still be recovered. The study purchased 200 used hard drives on eBay and Craigslist and found that 67 percent of those drives still held personally identifiable information. Even more frightening, 11 percent of those drives contained sensitive corporate data such as company emails, sales projection spreadsheets, product inventories, and CRM records. 

In order to protect yourself and your business, you need to have the right information. For this reason, we have decided to debunk four of the most popular hard drive destruction myths:

Myth 1: You can destroy a hard drive by putting it in water.

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Business Report: Leveraging The Aging Workforce

Posted onJuly 11, 2018July 12, 2018
Rose Miller, president of Pinnacle Human Resources LLC.

By Rose Miller

As the first wave of this generation begins reaching 55 in 2001 and heads toward retirement, the workforce could lose substantial numbers of experienced workers from all walks of life. 

Most boomers have neither the inclination nor the financial means for early retirement. According to a recent study, 80 percent of those born between 1948 and 1965 expect to work past age 65. Compare that with the roughly 10 percent of the over-65 group who held jobs in 1998. In other words, they will become “boomerangs”.

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Business Report: Good Financial Habits Linked To Happiness

Posted onJune 13, 2018June 14, 2018
David Cumming, senior vice president and financial advisor, Morgan Stanley.

By David L. Cumming

From record-breaking stock market returns to falling unemployment, the U.S. has no shortage of positive economic indicators, and the majority of investors say they feel confident about achieving both their short- and long-term goals, according to the latest Morgan Stanley Investor Pulse Poll, which surveyed more than 1,200 investors age 25 to 75 with over $100,000 in assets. 

About one in four (29 percent)—or 36 million—U.S. households fall into this category.

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Business Report: Don’t Let Investments ‘Go On Vacation’

Posted onJune 13, 2018June 14, 2018
Meghan Murray, financial advisor, Edward Jones Financial in Queensbury.

By Meghan Murray

Summer is here – and so is vacation season. Americans spend a lot on their summer getaways—more than $100 billion in 2017 alone, as reported in Travel and Leisure magazine. 

When you hit the road, you will enjoy getting away from your regular tasks, but there’s one part of your life that should never take a break—your investments.

To keep your investments working consistently and efficiently for you, consider these suggestions:

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Business Report: Want To Grow? Reinvest In Your Staff

Posted onMay 10, 2018May 11, 2018
Michael Cruz is president of Lighthouse Advisors LLC in Queensbury.

By Michael Cruz

Good news. The economy is doing well. Bad news. That will shrink the labor market. Often, I write about hiring and its associated pains. There is one way you can reduce that pain. It is investing in the people you already have.

We already know that it costs less to keep our customers than it does to acquire new ones. The same is true about the people that work for you. Hiring is difficult, it is expensive, and it is not a 100 percent solution.

Many years ago, I worked for a very fast-growing software company. When I joined it, the company’s sales were $18 million. When I left 7 years later, sales topped $450 million. 

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Business Report: Which Structure Fits Your Project Best?

Posted onMay 10, 2018May 11, 2018
Sarah Lewis Belcher is senior counsel with Bond, Schoeneck & King. Courtesy Bond, Schoeneck & King

By Sarah Lewis Belcher, Esq.

Property owners have a number of options for structuring a construction project: general contractor, construction manager or design/build. There are differences among the three that are important to understand when deciding which structure best fits.

A general contractor (GC) enters into contracts with and coordinates the work of subcontractors to complete the project. General contractors are not involved in the design of the project and instead become part of the process once the plans and specifications have been completed. 

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Business Report: A Life Insurance Secret To Know About

Posted onApril 12, 2018April 13, 2018
Brian M. Johnson, director, business development, Advisors Insurance Brokers.

By Brian M. Johnson

Our country is going through a dramatic demographic shift. Baby boomers are now turning 65 at a rate of 10,000 per day. With this comes planning considerations we must address to protect those we love and the assets we’ve worked for. With proper planning, generational wealth can be created and preserved; however, most people fail to address risks.

One risk that will impact nearly all of us, and potentially decimate the savings of millions of Americans is the need for extended health care or long-term care. We hesitate to use the words “long-term care,” as most associate those with nursing homes. The stark reality is that 80 percent of care is received either at home or in the community, and it’s often provided by family members or other informal caregivers. This raises a few questions:

• Do I want to burden loved ones with my care or would I prefer they supervise the care?

• Do I want to stay home as long as possible?

• Do I want to protect my assets for my children, grandchildren or other philanthropic causes?

• How long can I afford to pay for care out of pocket and how would those costs impact my priorities?

Read More

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