Small Business Checklist: 11 Ways to Get Your House in Order for 2011

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Small Business Checklist: 11 Ways to Get Your House in Order for 2011

via BLACK ENTERPRISE by Janell Hazelwood on 12/30/10

As 2010 comes to a close, it's wise for business owners to get those end-of-the-year tasks completed so you can ring in a productive and less stressful new year.  And it's not too late to start now in setting up your business to be organized, productive, and profitable for 2011. Here's a checklist to help you do just that. --Janell Hazelwood #####

1. Gather financial documents in preparation for tax season. Be sure your receipts and other verification paperwork are filed appropriately and ready to present to your tax preparer or accountant. Gather receipts that could count toward deductions that relate to business expenses or charitable giving. Be aware of any tax changes or modifications that could affect your filing.#####

2. Reconcile your financial figures with your accountant or bookkeeper. Be sure numbers for your income statement, balance sheet and financial accounts add up. Evaluate your profits and losses from last year compared with this year to determine your company growth. Plan strategies to boost profits and manage expenses. Also, don't forget to look into your retirement funds and other financials part of your estate plan. (And if you don't have one of those, compose one with the help of a financial adviser.)#####

3. Make plans to tie up those loose ends from 2010. Get old projects off your to-do list promptly. If you can't complete a task or deadline for 2010, whether it's to clean out your office, pay off a debt, collect a debt, or finish a project, arrange a solid plan of action and set new goals to resolve these issues.#####

4. Look over your business plan and update accordingly. If you've had any changes, such as downsizing or an upsweep in clients and revenue, you may want to adjust some tenets of your plan. Be sure the elements of your plan are up-to-date and numbers are current for the new year. Reevaluate your goals and how you'll attack them moving forward.#####

5. Be sure your insurances and other business protection items are up-to-date. Be clear on any changes to coverage or increases in premiums with any insurance your company has, whether for the business, yourself or your employees.#####

6. Evaluate your Web presence and its role as a tool for your business. Be sure information on your Web site and social networking pages are up-to-date and accurate. Correct any issues with pages that don't load or are not working. If you'r not maximizing the use of your site in terms of userablity, interaction with customers or clients or other aspects of your site, find ways to do so, whether it means revamping it for mobile use, planning a redesign, getting involved with a Ning network, or adding features to your site for customer interaction.#####

7. Think of ways to upgrade your business brand or increase clientele or visibility. Put a plan together on how to execute such measures, such as revamping your marketing, upgrading services, or adjusting services or customer offerings. Find ways to save time and money when doing everyday tasks and determine what technologies could help in doing so.#####

8. Trim the fat. Determine areas where you could save on expenses, such as utilities, or get rid of expenses that aren't absolutely necessary. Evaluate cost vs. return and/or importance and make changes accordingly.#####

9. Place reminders on your calendar for 2011 deadlines such as vehicle registration renewals, tax days, filing deadlines for important paperwork, special holidays and special events, and be sure to prep for business expenses and necessities.#####

10. Recycle or donate old equipment and technology to make way for the new. Those old phones, computer, or printer might have a warranty for repair or replacement or even an option to upgrade for a discount. You can even recycle old equipment, which not only helps the environment but helps you get rid of clutter without the guilt of just throwing something in the garbage. You can also give unused or old equipment to a charity or hold a sale and pocket the profits for petty cash or to invest back into your business.#####

11. Create a 2011 file. Start now in organizing for 2011. Make files to plan new projects, organize tax documents that will be needed to file for taxes next year, and other folders (whether digital or physical) that can already be ready for filling with important items.

For more on small business success in the new year:

• 6 New Year Resolutions for New Entrepreneurs
• 9 Tips to Keep Black Salons in Business

Banks Give Black-Owned Businesses the Boot: Can the SBA Halt a Credit Catas...

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Banks Give Black-Owned Businesses the Boot: Can the SBA Halt a Credit Catastrophe?

via BV on Money by Gina McCauley on 12/30/10

Filed under: Interviews, News

With black unemployment holding at double digits, the catastrophic cut off of capital to black-owned businesses is just one more disturbing trend in what is shaping up to be the Great Black Depression.

A recent study found that in some parts of the country banks decreased lending to black-owned businesses by over 80 percent. And that's not just loans to get businesses off the ground, but also the financing needed by black businesses to continue operating and make payroll.

In light of criticisms that previous attempts at spurring small business lending actually tied small businesses and lenders in knots of red tape while increasing costs, the Small Business Administration recently introduced two new loan initiatives: Small Loan Advantage and Community Advantage. Although these programs will not be available until March 2011, the SBA promises that they will target lending in under-served communities by promoting small dollar loans, providing higher loan guarantees to banks and streamlining the approval process.

I spoke with Marie Johns, Deputy Administrator of the U.S. Small Business Administration to find out if these two new programs would benefit the African American community. Here is her perspective.

Gina: Conventional wisdom is that lenders aren't lending -- so how do we know that lenders are going to be more inclined to lend under this program than they were under previous programs?

Deputy Administrator Marie Johns: Through the Recovery Act and the Small Business Jobs Act we were able to increase our lending even when traditional small business lending was pretty stagnant, but we know that with these new programs, we're going to have even more opportunities to help small businesses. They reduce paperwork for the lenders. They offer the highest guarantee that we offer -- 85% on loans under $150,000 and 75% on loans higher than that. The initiatives are pegged at the smaller dollar loans, $250,000 or less, which is a part of the small business lending market that has generally been tough to address.

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Best and Worst Company Names of All Time

A great company name has to captivate customers and explain what, exactly, the company does -- usually all in one word. Names can make or break a company, and Inc.com's list of the best and worst company names of all time is an eye-opener for aspiring entrepreneurs. Click forward to see why each of these names is an asset or a detriment.

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BlackVoices.com

Best and Worst Company Names of All Time

A great company name has to captivate customers and explain what, exactly, the company does -- usually all in one word. Names can make or break a company, and Inc.com's list of the best and worst company names of all time is an eye-opener for aspiring entrepreneurs. Click forward to see why each of these names is an asset or a detriment.

Best and Worst Company Names of All Time

"Bookgoo, which is a site that allows you to highlight Web pages, sounds like something nasty that would make the pages of a dirty old library book stick together," says Christopher Johnson, a Seattle-based naming expert, who runs The Name Inspector blog. "The way the pronunciation gets 'stuck' between the k and g sounds strengthens this unfortunate association."

Best and Worst Company Names of All Time

"The name limits this company to being identified with a single category," says Phillip Davis, the founder of Tungsten Branding in Brevard, N.C. "But they sell books, music and magazines. As a result, they must market harder to overcome this."

Best and Worst Company Names of All Time

"Just try to say it three times fast," Davis says.

Best and Worst Company Names of All Time

"The truncated geographic descriptor name limits the company to one category in one country," Davis says. "If you're looking for a computer in the U.S., this is your place. But for a DVD player? Who knows?"

Best and Worst Company Names of All Time

"There's almost no point in even trying to understand where they're going with this," says Eli Altman, a brand strategist at One Hundred Monkeys, a naming firm in Mill Valley, Calif. "OK, so they do transportation in the air -- I get it. To just say exactly what you do, and say it in the most boring way possible, doesn't really help anyone involved."

Best and Worst Company Names of All Time

"Of course, this is definitely not a word, but it sounds like one," Altman says of the VOIP phone service. "The problem is there's no inherent property in this name. You hear it, and it's just kind of a passable word. It seems like the goal with a name like this is to go unnoticed. I would love to hear their explanation of what this has to do with who they are or what they're about."

Best and Worst Company Names of All Time

"It's not clear how to pronounce this name, but the most likely pronunciation is identical to the word "incubi", the plural of "incubus," the name for a demon from Medieval folklore that rapes women in their sleep," Johnson says of the online inventor community. "Have we learned nothing from the Reebok Incubus fiasco?" [In the 1990s, Reebok came out with a women's running shoe called Incubus.]

Best and Worst Company Names of All Time

"Co America? Is there another America that I don't know about it?" Altman says. "I guess this company could say that they work with America. America is never a word you should play with or add things on to. I think people have extraordinarily complex views of the word. They're playing with a very available and present word, and they did it in a careless way."

Best and Worst Company Names of All Time

"This great example of bad wordplay seems to combine two words with unhelpful meanings: "fertilizer" (meaning 'manure') and "fair" (meaning 'so-so')," Johnson says of the online music company. "The transition between the first two syllables is unnatural in English, so the eleven-year-old in all of us can't avoid seeing and hearing the name as Fartilizer."

Best and Worst Company Names of All Time

Gina: According to a a recent study by the California Reinvestment Coalition, small business lending for African Americans plummeted 81 percent for African American owned businesses between 2007 and 2009. How do these new programs address a decline being attributed to African Americans having less collateral and more limited credit histories?

Deputy Administrator Johns: This clearly is an issue that is very important to me and its very important to the Agency and led us to think about how we could have a better response to these critical capital needs for businesses, particularly for African American businesses and other businesses in communities of color. SBA loans are three to five times more likely to go to a woman-owned or a minority-owned small business. But we've seen lending tighten up across the board particularly in traditionally under-served communities. We know that those communities have been disproportionately hard hit by the recession. As a result of that, the overall share of SBA loans going to small businesses and entrepreneurs in under-served communities has dropped over the past two years. That's why we wanted to add these two new loan initiatives into our tool kit.

What we were hearing from lending partners is that some of our SBA paperwork was burdensome and too complicated. We developed the Small Loan Advantage program with the specific focus on making sure it was as streamlined as possible. Basically, it's a two page form so that they can quickly make loans available to small businesses who qualify. That's one response to the challenge that you raised.

In addition, we thought that it was very important to bring into SBA 's network of lending partners a new category -- what we refer to as "mission lenders." When you talk about the notion of African Americans having issues related to collateral or credit history, the benefit of the mission lenders who we'll be working with to deliver the Community Advantage program, is that these lenders are often community development financial institutions, SBA approved microlenders, or certified development companies and financial institutions who have tremendous experience in working in underserved markets. In addition to providing loans, they also provide very robust technical assistance. In additional to the capital these lenders are providing the counseling that often is the critical ingredient for businesses to ensure their success. These lenders will be partners for the first time in 7A loan program. We're excited about what we think is going be a tremendous improvement in our efforts to reach businesses in underserved areas.

Gina: What steps should a small business take if they are interested in obtaining a loan under one of these new programs?

Deputy Administrator Johns: Our new website allows a small business person to log on SBA.gov and the website will lead you to one of our 68 district offices . You can go into one of our 68 offices and you can talk to someone and they can tell you what your next steps should be.

Gina: Black people got hammered economically in 2010. Do you have any predictions for how things might change or what role the SBA will play in 2011?

Deputy Administrator Johns: I'm not good at the crystal ball exercise. What I can commit to you is that we're going to work as hard as we possibly can. We come in every day on fire to figure out what we can to do to support small business growth and development so that those small businesses can create the jobs that the economy must have. We talk bout the critical role that small businesses play -- they are the engines for our economy's growth. To the extent that we can create tools for small businesses to start, grow and create jobs, that helps the entire economy to grow stronger. What I can predict is that we will continue to have a team at the SBA that comes in every day to figure how to do what we do better and serve small businesses more effectively.

Deputy Administrator Johns also wanted emphasize that the Small Business Administration offers a number of services to small businesses in addition to their loan programs including small business counseling, assistance with becoming a government contractor, and disaster assistance. You can find our more by going to SBA.gov.

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Gina McCauley is the CEO of the Blogging While Brown Conferenceand the blogsMichelle Obama Watch and What About Our Daughters. She is currently completing her first book, 'Michelle Obama Watch.'

 

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Black Owned Company – Phezu Space, LLC – Will Design and Build Commercial Sp...

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Black Owned Company – Phezu Space, LLC – Will Design and Build Commercial Space On-Orbit Service Vehicles

via EURweb by EurPublisher on 12/28/10

Allen Herbert

*Earlier this month, in Baltimore, on Wednesday December 8, 2010, aerospace engineer Allen Herbert, former NFL linebacker Ken Harvey and Dr. Jayfus Doswell of Google’s Lunar XPRIZE’s Team Jurban announced during the Juxtopia Urban Learning Technology (JULT) Conference at Morgan State University in Baltimore, Maryland, the formation of the nation’s first African American owned commercial space company that will focus on on-orbit service systems.

Phezu Space, LLC will be a strategic collaboration with the Entrepreneurial Development Assistance Center at Morgan State University.

Phezu’s (pronounced fay.zoo) mission is to be the leading commercial space research & development and manufacturing company that will design and produce the best and most reliable orbital service and transportation vehicles.

The company will initially focus on developing a full-service, semi-automated space-based servicing vehicle that will provide service and support to spacecraft, satellites and other orbital entities outside and inside earth’s orbital sphere. Phezu’s in-space service vehicle’s capabilities will include refueling, vehicle towing and maintenance.

Targeted customers will include civilian, military, commercial and government entities and specifically the burgeoning space tourism industry.

“Phezu’s space service vehicles will be like having a full service gas station in space. We will be able to refuel, service and tow space vehicles so that they may fulfill their mission. This is a great opportunity to get in on the ground floor of the commercial space industry that is positioned to take off just like the internet industry,” says Allen Herbert, President and CEO of Phezu Space, LLC. “With Black unemployment at 16%, almost double the national rate, it is important that African American entrepreneurs are on the cutting edge of new and innovative industries. We hope Phezu can be an inspiration for other African American innovators looking to start IT, environmental and aerospace companies.”

The company will be located in the heart of Baltimore where there is access to a well qualified workforce and strategic investment opportunities. Phezu Space ,LLC will partner directly with Historically Black Colleges and University’s (HBCUs) and other research institutions to study orbital systems and develop specific aspects of the vehicle including but not limited to design, propulsion, robotics, and navigation.

Phezu Vice President for Corporate Development, Ken Harvey stated, “My focus is on transitions. Transitioning from sports to business takes a focused mindset and in the same way, this company has to become a new mindset for those who only have an earth-based mindset. Space is the new reality and we want to be a part of the vision for tomorrow. “

The company intends to be a full participant in President Obama’s push to seed the new commercial space industry to advance job creation, and innovation. The president announced this in 2010 during his speech at NASA, as a part of his Space Exploration in the 21st Century initiative. “Phezu has the potential to provide a significant economic impact in the DC, MD, and VA region by manufacturing in Baltimore, Maryland and providing jobs to the community. Additionally, colleges and universities such as HBCUs and Minority Serving Institutions will be instrumental in developing components of Phezu spacecrafts and exercise technology transfer,” says Dr. Jayfus Doswell, Phezu’s Vice President for Research and Development.

Corporate Officers Bios

Allen Herbert, President & CEO is a graduate of University of Southern California in Los Angeles, CA, where he earned a Bachelor of Science degree in Aerospace Engineering. He is a Government Relations/Business Development specialist with 20+ years experience in business development, strategic planning, international business and technology projects. Mr. Herbert was part of the first official trade mission initiated by President Bill Clinton and led by the late Secretary of Commerce Ron Brown, sent to South Africa after the release of Nelson Mandela. Currently, Allen is Vice President of JAKA Consulting Group where he works with some of JAKA’s major clients and partners such as Marriot International Inc., Comcast Sports net, Space Adventures, Zero Gravity Corporation, Computer Associates and Challenger Center for Space Science Education.

Ken Harvey, Vice President for Corporate Development was drafted to the National Football League (NFL) in 1988 in the first round by the Arizona Cardinals and later played for the Washington Redskins. After 11 years of dominating American football in the NFL and 4 Pro-Bowl selections, Ken retired and was elected as one of the seventy (70) all time greatest players of the Washington Redskins. He is currently the president and CEO of JAKA Consulting Group, a government and business strategy company. He is also the consummate entrepreneur and has his hands in many other companies as he reaches beyond his transition from football life. Ken also holds the position of Director of Responsibility for the Washington Redskins.

Dr. Jayfus T. Doswell, Vice President for Research & Development, is the founder of Juxtopia, LLC Born in Baltimore, Maryland, Doswell attended Baltimore City public schools, holds degrees in Computer Science and Cognitive Neuropsychology from Oberlin College, Systems and Computer Science from Howard University, and a PhD in Information Technology from George Mason University. His PhD research concentrated on developing and evaluating a Mixed Reality System (e.g., Virtual Reality, Augmented Reality) architecture for improving human learning performance. Dr. Doswell is the Founder and Director of Team JURBAN for Google’s Lunar XPRIZE competition.

Website: http://http://www.spaceref.com/news/viewpr.rss.html?pid=32378

source:
JAKA Consulting Group
www.jakaconsulting.com/

BROKE IN AMERICA: 8 Homeless Musicians Die In New Orleans Fire (PHOTOS)

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BROKE IN AMERICA: 8 Homeless Musicians Die In New Orleans Fire (PHOTOS)

via Global Grind Top Stories on 12/29/10

Posted by: The Decider

5 investments to fight inflation

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5 investments to fight inflation

via Business and financial news - CNNMoney.com on 12/28/10

Inflation is weighing on the minds of many Americans experiencing a rise in prices from the grocery store to the gas pump. Here's where to park your money if you predict high inflation ahead.

Tips for Small Business Owners Navigating Treacherous Economic Waters

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Tips for Small Business Owners Navigating Treacherous Economic Waters

via Young Money by YOUNG MONEY Staff on 12/28/10

Small businesses are usually responsible for the majority of hiring in the U.S. economy. Currently, the government is doing all it can to aid small businesses as they navigate the economy. However, there are ways to ensure your small business continues to reap profits even amid economic turbulence.

According to Bloomberg, small business owners should maintain their core values during economic uncertainty while simultaneously tweaking their company's business plan. First, small business owners should be on the lookout for market opportunities in their core competencies. It is essential that small business owners to adapt to new technologies in their fields of expertise, but it is also important to maintain the company's identity, never veering too far from its strengths.

Moreover, it is critical that small business owners remain focused on customer retention. It is much less expensive to hold onto current clients than acquire new ones, something that is especially true when competition is so fierce. Lastly, small business owners should ensure that their employees are savvy and can easily adapt to new tasks that they may need to take on.

Ultimately, it is essential for small business owners to always be prepared for market downturns and to constantly look for opportunities to channel their core capabilities to suit the ever-changing markets. 

The Wrong Question to Ask about Next Year

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The Wrong Question to Ask about Next Year

via Bigg Success by bigginfo@biggsuccess.com (bigginfo@biggsuccess.com) on 12/29/10

What do I want to accomplish in 2011?

It’s a question on many people’s minds as we near the beginning of a New Year. But it’s the wrong question.

___

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The question we should be asking is:

What will I accomplish in 2011?

Do you see the difference? It’s a BIGG one – so BIGG, in fact, that it is often the single biggest reason why people don’t achieve their goals. It has to do with self-talk.

The nature of your internal dialog determines the nature of your life.

What are you willing to do to succeed?
Successful people do what unsuccessful people don’t. Sounds obvious, right?
 
But if it’s that easy, why don’t unsuccessful people just change their ways?

Because it’s hard!

It’s easy to run with the crowd.
It’s easy to make excuses.
It’s easy to blame the economy or your boss or your parents or your spouse for your circumstances.

It’s hard to take responsibility for your outcome.
It’s hard to do the important thing when you could do something else that’s more fun.
It’s hard to act in the face of uncertainty.

Unsuccessful people take the easy route and end up living a hard life. Successful people do those things that are hard so they can have a life that’s easy.

Seeing is believing
Nevertheless, you will face obstacles on your path to BIGG success. Do you see them as insurmountable problems or challenges to be overcome?

Do you see yourself actively pursuing your dreams or waiting for fate to determine your destiny?

Seeing is believing. You have to see a new you to be a new you.

Believing is seeing
To see a new you, you first have to believe. Believe in yourself. Believe that you will reach BIGG success.

You believe – from the top of your head to the bottom of your feet.

But that’s not good enough.

This belief has to come from the core of your being, from deep down in your soul. You have to feel it in your gut.

You believe – really believe. Believe so much that it consumes you.

Believing is seeing. Believe so much that you can vividly see yourself achieving your goals, living life on your own terms and reaching BIGG success!

We wish happiness, health and prosperity in the New Year!
 

Direct link to The Bigg Success Show audio file | podcast:

(Image in today's post by madhavan)

Gains & Loses of 2010: The Good, the Bad, the Memorable

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Gains & Loses of 2010: The Good, the Bad, the Memorable

via BLACK ENTERPRISE by Elayne Fluker on 12/29/10

2010 has been a year filled with ups, downs and what-the-hell-was-that moments that we’ll remember for some time. As we countdown the final days on the calendar and head into 2011, BlackEnterprise.com takes a look back at a few of the gains and losses of 2010. These are the events that have had (or that we predict will have) some impact on our economy, politics, entertainment or way of doing business. Let us know if we’ve forgotten any biggies by leaving your comments below! —The Editors
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New Orleans Saints Won Super Bowl: Still struggling to make a full comeback after the hit it took from Hurricane Katrina in 2005, the city of New Orleans became the shining example of resiliency as their football team the Saints delivered with a win at Super Bowl XLIV on February 7, 2010.
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Obama Signs Health Care Bill into Law: On March, 23, 2010, in what the New York Times calls "the most expansive legislation enacted in decades," President Obama signs his controversial yet landmark national health care bill into law with onlookers who included Victoria Kennedy, wife of the late Ted Kennedy—who had made passing such legislation his life’s work for 40 years. How did the Vice President sum up the moment? "Mr. President, this is a big [expletive] deal."
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BP Oil Spill: On April 22, 2010, BP spills an estimated 4.9 million barrels of oil into the Gulf of Mexico in what we hope goes down in history as the largest oil spill ever (because we, and our environment, can’t afford another of this magnitude). The spill, which took until July to cap, has since crippled the fishing and tourism industries along the Gulf Coast. The complete environmental impact? Still unknown.
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iPad Has Liftoff: In April 2010, Apple changes the game (again) with the launch of the 1.5 pound iPad, selling a reported three million units in less than three months. The device runs the same operating system as the ubiquitous iPhone and the iPod Touch. In August of 2010, Black Enterprise became the first African-American publication to launch its own iPad app. (Just sayin’.)
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LeBron James Feels the Heat: After months of "where is he going to go?" questions, the reigning NBA MVP and former Cleveland Cavalier announced on July 8th that he was taking his show on the road… to the Miami Heat. How did he get the word out? By having his very own special on ESPN (a move the network later admitted they regretted because of the perception that they could be muscled by a player) called The Decision. Disgruntled fans burned jerseys in Cleveland, while Heat players Dwayne Wade and Chris Bosh, we're sure, let out a sigh of relief. Some say it's a smart move for LeBron, even if for no other reason than the fact that the state of Florida doesn’t have income tax.
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Essence Magazine Hires White Fashion Director: National news of the controversial move first broke July 26th via Clutchmagazine.com. Former Essence fashion editor Michaela Angela Davis summed up the sentiment of many confused readers when they heard that the legendary tome for African-American women had just hired a White fashion director: "I feel like a girlfriend just died." The news (and resulting backlash) from the hire gained so much fuel Anderson Cooper brought Davis on CNN to discuss what it meant for the magazine and the community. Editor-in-chief Angela Burt Murray (who has since resigned) said she chose the fashion director, Elianna Placas, "because of her creativity, vision, the positive reader response to her work and her enthusiasm and respect for the audience and our brand."
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From Social Secretary to CEO: After an eventful stint in the Obama administration, Desiree Rogers became CEO of Johnson Publishing, publishers of Ebony and Jet magazines, in August 2010. In addition to bringing about what we’re sure is an unrivaled slew of connections, Rogers, who was covered as much in the press for her impeccable fashion sense as she was for her smarts, brings "a proven track record of successful business leadership,” said Linda Johnson Rice, daughter of the company's founder who held the title previously and will remain as chairman.
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Sesame Street Celebrates Natural Hair: The October 4th episode of the popular educational television show struck a chord with brown skin girls and women alike with the release of “I Love My Hair,” sung by a young mocha skinned female puppet. The natural haired Muppet sings about loving her au natural tresses, which she swings back and forth in various styles—an afro, cornrows, and pigtails to name a few. Head writer and puppeteer Joey Mazzarino wrote the song for his five-year-old daughter, Segi—who he and his wife adopted from Ethiopia—so she could embrace her mane. The video went viral, accumulating more than 1,500,000 YouTube views.
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Republicans Take Control of the House: In what many deemed a political smackdown of sorts, the Republicans seized control of the House of Representatives in the November 2nd mid-term elections. The victory was reportedly the biggest House gain for the party since 1938. President Obama said the new dynamic of a divided government doesn’t deter from the mission "to find common ground, move the country forward and get things done for the American people." The first compromise, the extension of the Bush Tax cuts and unemployment benefits. #####

GM Makes a Comeback: After emerging from bankruptcy in July thanks to a massive ($50 billion) government bailout, General Motors (which is still 60% owned by the US government) returned to the stock market, offering common shares priced at $32-$33 each on November 17th. According to The Wall Street Journal, GM in its IPO sold more shares than expected at a higher price than originally planned. "Two years ago this seemed impossible," said president Obama. "In fact, there were plenty of doubters and naysayers who said it couldn't be done.” (Looking for automotive investments? Check out four stocks BE experts think you should consider).
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President Obama Signs Repeal of Don’t Ask, Don’t Tell: On December 22, 2010 President Obama proudly used 15 ceremonial pens to sign the repeal of the age-old policy of "Don’t Ask, Don’t Tell," which prohibits gay and lesbian soldiers from serving openly in the military. Although the policy remains in effect until the military certifies that it is ready to comply, the president said the repeal was a milestone that "redeemed the sacrifice of gay men and women who fought in every war beginning with the 18th century battle for independence."
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• Related links
• 5 ways to maintain after losing unemployment
• 9 ways to "buy black"
• 4 stocks to consider if you missed the GM IPO
• 9 ways for Black salons to stay in business

Electronic Pickpocketing: How Safe is Your Identity?

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Electronic Pickpocketing: How Safe is Your Identity?

via BLACK ENTERPRISE by Anslem Samuel on 12/29/10

One of the positives of the Internet is that you can find almost anything at the click of a button. Unfortunately, so can computer hackers. Given the advancements in technology and people’s willingness to openly share personal information online, the digital landscape has become fraught with reports of identity theft scams. “Stealing a person’s identity online is so common these days,” says Gregory D. Evans Founder/CEO of LIGATT Security, an Atlanta-based company that specializes in cybercrime prevention. “Because people put out more personal information about themselves on these dating sites than they would on some other sites.”

It’s gotten to a point now, though, that you don’t even have to be online to be susceptible. Memphis, TN’s News Channel 3 recently ran a report on electronic pickpocketing that revealed how cybercriminals can steal your credit card or passport information—including your photo—without even touching your wallet. Using Radio Frequency Identification (RFID) technology, which allows us to simply swipe our cards to make payments, they can download all your pertinent information in a matter of seconds. Companies like Identity Stronghold offer a variety of products to block the scanning technology, but that’s only one small deterrent to a much bigger problem that leaves an estimated 140 million customers at-risk. “Really, the Internet is so out of control that anybody can do anything they want on the Internet and get away with it,” says Evans. “This is one reason why cybercrime and identity theft just exploded overnight.”

Experts warn that consumers should be diligent about keeping tabs on their bank and credit card statements, as well as being sure to not reveal too much while using social media sites like Facebook and Twitter because you never know who’s watching. Evans advises that people should also make a habit of looking themselves up online regularly to see if there are any fallacies about them online. That’s what helped University of Florida student Zachary Garcia, 18, discover that he was wrongfully accused of murder. Turns out another Zachery Garcia, spelled with an “e” instead of an “a” and coincidentally shared the same birth date, was an accomplice to a murder earlier in the year and police mistakenly released Zachary’s driver’s license photo to the media instead of Zachery’s. Police quickly corrected the error and alerted all media outlets of the mix up but given the viral nature of the Web the erroneous information may never be erased completely.

“How do you protect yourself from that? You always have to Google [yourself] because there will be people out there who will steal your identity or you’ll have somebody with the exact same name as you living in the exact same city and you just don’t know,” says Evans, who also suggests purposely misspelling your name to widen your search results. “Seeing cases like this one with the murder [charge] is kind of scary but it’s common.”

Check out these other articles on protecting your identity…

• A Professional Hacker Tells You How to Protect Your PC
• Tech Insider: Five Tech Tools for Protecting Digital Data
• Identity Theft on Campus

The Gap Between the Rich and Middle Class Grew During Recession

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The Gap Between the Rich and Middle Class Grew During Recession

via BV on Money by Boyce Watkins, PhD on 12/27/10

Filed under: Dr. Boyce Money, News

It turns out that the gap between the rich and the middle class is larger than it's been in recorded American history. Much of the growth in the gap is due to the recent housing crisis taking place over the past three years.

According to the Economic Policy Institute, the wealthiest 1% had an average net worth that was 225 greater than the average American. That's higher than the previous record, which was 190 times in 2004.

An intriguing aspect of the divide is that it occurred while the wealth of all Americans declined on average. The richest households lost 27% of their wealth between 2007 and 2009, while middle class Americans lost 47% of their wealth during the same time period. So, the growth in the gap was mainly due to the fact that the middle class and poor suffered more during the recent recession than the wealthy.

The decline in wealth was primarily driven by declines in real estate values. Most middle class Americans have the bulk of their wealth tied up in their homes. Wealthy Americans, on the other hand, are likely to have other forms of wealth, including stocks bonds and investment real estate. Additionally, changes in tax laws during the 1980s led to the wealthy paying lower taxes on investment income than they've paid in the past.

The poorest Americans struggle the most. In every study on net worth since 1962, the poor have had a negative net worth. The number declined recently to $27,000, nearly double what it was just two years before.

The results of the study are interesting in light of the recent debate on Capitol Hill regarding the extension of the Bush Tax Cuts. The Republicans, who've successfully branded themselves as the party of the rich, fought hard to preserve tax cuts for the wealthy in spite of the fact that these tax cuts would substantially increase the nation's budget deficit and lead to dramatic costs for the poor and unemployed. The bottom line is that neither the Republican Party, nor most of our other political leaders, care much about what happens to the poor in America. In fact, while you consistently hear political leaders in Washington make reference to the middle class, you hear almost no reference whatsoever to the poor. These numbers are a reflection of that fact.

On another note, there is a strong racial dimension to these numbers as well. The average African American family has a net worth that is roughly one-tenth that of the average white family. Therefore, when we talk about the nation's poor, African Americans are disproportionately represented within that particular demographic. So, when our nation's political leaders fail to mention the poor in their rhetoric, they are continuing to leave black folks behind. This is unfortunate, and I am not sure we should support any political leader who doesn't have our best interests at heart.

Dr. Boyce Watkins is the founder of the Your Black World Coalition and the author of the bookBlack American Money To have Dr. Boyce commentary delivered to your email, please click here.

 

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9 Tips to Keep Black Salons in Business

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9 Tips to Keep Black Salons in Business

via BLACK ENTERPRISE by Arlice Nichole on 12/27/10

Besides having fewer funds available to spend at the hair salon because of the recession, increasing numbers of Black women are opting to wear their natural hair, adopt a DIY look, or opt for cheaper options--trends that have been a few of several factors in the closing of Black hair salons across the country. Black salons have survived for decades by doing what they do best--hair--and many have offered the same types of services for years. But just because Black hair (and our pockets) are going through a major transformation doesn’t mean that our salons can’t be a part of the process. To stay in business, stylists need to be willing to change with the times by adapting their skills, services, and, according to Debra Ottley, owner of the Jelanis Naturals salon in New York City, regularly advertise and offer more specials. Here are a few tips on how to keep the salon open, and customers in the chairs.--Arlice Nichole#####

Require stylists to brush-up on their skills. Salon owners should encourage, or even make it a requirement, for stylists to learn the skills necessary to care for and maintain natural hair. Changing trends are a reality for all lines of work, and the hair care industry is no different. Updating the skills necessary to serve current and future clients is necessary to stay competitive, and salons can support the continued education of their stylists by sponsoring conventions, and holding classes and workshops.#####

Offer consulting services to those thinking about transitioning. Many women are interested in going natural. Some do the “big chop,” cutting all processed hair off down to their virgin hair; but many women don’t want to compromise the length of their hair while transitioning. Going from straight to natural is often a long and difficult process, and many women damage their hair trying to do it alone. There are many supportive web sites on the Internet, but regularly visiting a professional for assistance with the transition can be beneficial, too. Salons can offer this service and gain new clients for the long-term.#####

Offer treatments that benefit hair before, during and after transition. Black women have always been a diverse group, and there are going to be plenty of women who stick to the services they’ve always gotten. But adding new treatments that benefit and aid natural hair to the regular menu of services will help get the word out, and you will help position your salon as one that supports natural hair wearers, which will help to retain current customers and gain new ones also.#####

Improve scheduling. Sometimes it’s just a matter of doing one thing different, like scheduling clients further apart, to help with retention.  “Stylists and owners really need to go the extra mile to manage clients’ expectations. Too many times I get clients simply because they were sick and tired of spending an entire day in the salon when the expectation was two to three hours,” says Ottley.#####

Sell products people are looking for. Many salons may not be ready to fully cater to natural hair wearers, but that doesn’t mean they can’t provide the products people need to maintain their own natural coifs. Popular brands for natural hair are not widely available in many states, and carrying the new  natural hair care brands is just one more income avenue that will help Black salons stay afloat—and keep customers happy.#####

Offer rental space to barbers and braiders. Making room for stylists with multiple talents will bring in a new and diverse clientele.  Now would be a great time to learn to braid well, or brush-up on the services that barbers usually perform.#####

It may be time to pick-up shop and move. Keeping your salon may have nothing at all to do with the current trends, but have everything to do with the rent. “In speaking with salon owners, the closing of shops is the result of a few factors: The economy along with expiring leases and skyrocketing rents,” says Ottley.  #####

Take your services on the road. Gain new clients by taking your business to nursing homes and retirement communities. A lot of times the elderly can’t drive or simply have no way to get to salons, but still want and need the luxury of salon services.  And lots of times, these become regular clients.#####

Use your knowledge and talents to start something new. Massive layoffs have been the out many people needed to begin something new and more rewarding. The black haircare industry as we know it may be changing, but the closing of one business can be the door opening to creating that new haircare line you’ve been wanting to start, but haven’t had the time too, or being a one man or woman show by offering services to a private clientele.

For more small business tips see:

• 5 Tips for Showing Your Clients Love During the Holidays
• 5 Simple Keys to Quality Customer Service
• 3 Tips for personalizing your brand