Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
St. E’s, Faxton St. Luke’s explore affiliation plans
UTICA — St. Elizabeth Medical Center (SEMC) and Faxton St. Luke’s Healthcare (FSLH) have signed a memorandum of understanding for a potential affiliation that will
Lockheed to work on major international helicopter contract
OWEGO — Lockheed Martin’s Owego site will perform work over the next six years on a $686 million contract involving sales of MH-60R Seahawk helicopters
SRC plans new internship program in STEM
CICERO — SRC, Inc. has two new programs in place to support education in science, technology, engineering, and math (STEM) and community service. The SRC
MVP promotes exec to take over for retiring CEO
SCHENECTADY — MVP Health Care filled the shoes of its retiring president and CEO, David Oliker, with its president of operations. The Schenectady–based health insurer’s
New president takes over at L. & J.G. Stickley
MANLIUS — Edward Audi has moved into the position of president at L. & J.G. Stickley, Inc. The wood and upholstered furniture manufacturer told employees
$1M federal block grant to fund NY agricultural research
A 2012 Specialty Crop Block Grant from the federal government will channel $1 million to agricultural research, development, and promotion in New York — and
Survey finds middle market execs feeling dour
More than two-thirds of middle market executives in a new survey have a fair to poor outlook for the national economy’s next 12 months. KeyBank’s latest Middle Market Business Sentiment survey also found that just 16 percent of those surveyed are more confident in their businesses’ potential to thrive after the election. The survey, conducted
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More than two-thirds of middle market executives in a new survey have a fair to poor outlook for the national economy’s next 12 months.
KeyBank’s latest Middle Market Business Sentiment survey also found that just 16 percent of those surveyed are more confident in their businesses’ potential to thrive after the election. The survey, conducted in partnership with Lieberman Research Worldwide, polled 320 decision makers between Nov. 7 and Nov. 12 at companies with annual revenues ranging from $25 million to $4 billion.
“Middle market business executives need certainty to make plans,” Cindy Crotty, KeyBank executive vice president and head of KeyBank’s commercial banking segment, said in a news release. “Before they can switch gears from saving to expanding, they need to see our leaders in Washington avoid the fiscal cliff. More importantly, middle market executives want assurance our leaders will work together to create an economic path to progress.”
The survey found that 70 percent of middle market businesses are extremely or very concerned about the fiscal cliff given the outcome of the election with 47 percent saying they are more concerned post-election.
Cleveland–based Key has more than 1,000 branches in 14 states and assets of $87 billion.
Key is the number two bank in the Syracuse metro area deposit market with 27 branches, more than $1.8 billion in deposits, and a market share of 16.8 percent, according to the latest statistics from the Federal Deposit Insurance Corp. The bank has two offices, more than $58 million in deposits, and a market share of 1.58 percent in the Utica–Rome area.
Contact Tampone at ktampone@cnybj.com
A look back at 2012 in Greater Binghamton business news
BINGHAMTON — The past year in Greater Binghamton business news featured big projects and the area moving forward after heavy flooding devastated much of the
Tioga State Bank: Passing the baton and navigating its own path
SPENCER — Tioga State Bank (TSB) traces its roots to 1864. General Ulysses S. Grant had just bottled up General Robert E. Lee’s Army of
Help available for international business ventures
VESTAL — With an array of programs and support available, now is a great time for businesses to consider taking their business to the international level, according to the Small Business Development Center (SBDC) at Binghamton University. “It’s a good time to start looking at exporting,” says Rochelle Layman, director of the local SBDC, which
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VESTAL — With an array of programs and support available, now is a great time for businesses to consider taking their business to the international level, according to the Small Business Development Center (SBDC) at Binghamton University.
“It’s a good time to start looking at exporting,” says Rochelle Layman, director of the local SBDC, which can work with small businesses to help them begin doing business internationally. “People are willing to spend money on New York state products. It’s just a matter of getting the products to them.”
However, the process isn’t as simple as shipping a bunch of products to another country, she says. There are a number of factors to research and consider before making the decision.
“The first step would be market research,” Layman says.
Not all products are exportable, she explains, so the first step is to make sure a product is allowed. The next would be to ensure that the target country allows that product as an import. A business needs to make sure there is a ready market for that product in the target country, she says.
Another consideration is whether or not the product is patented here in the United States, she says. That patent will not offer protection internationally, so a business needs to take steps before exposing its products to different countries, Layman cautions.
Businesses should also make sure that they are prepared to handle increased production needs and have a healthy cash flow, since receiving overseas payments can often take longer than those from domestic customers, Layman says.
Finally, a business should develop a business plan for its international business just as it did for its domestic business, she says.
Successfully going international opens up many new markets, Layman says. The SBDC was able to successfully negotiate a deal that currently allows the sale of New York state wines in the free-market zone in China.
But there is another side to international business beyond selling products overseas, and that is acquiring materials or services from overseas vendors, Layman says. It could be that another country has a resource not readily available in the United States or can provide a service at a more competitive price.
Whatever the reason a business seeks to do business overseas, the important thing to remember is that there is an array of help available to help walk a business through the process, Layman says. “It’s just about finding the resources you can utilize,” she says.
Those resources include the U.S. Department of Commerce, the U.S. Small Business Administration, the U.S. Department of Agriculture and Markets, and the SBDC, Layman says. “There’s so much help out there.”
New York in particular is currently encouraging exporting and has a number of programs in place to help businesses.
Empire State Development (www.esd.ny.gov) offers the Export Marketing Assistance Service to help businesses find sales agents or distributors abroad by providing companies with customized agent-distributor searches and market analyses.
New York’s Small Business Development Centers (www.nyssbdc.org) say they can help businesses in a variety of ways including market research, customs, financial issues, and with relationships developed through regular business delegations and trade missions.
Contact DeLore at tdelore@tgbbj.com
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.